India

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A delegation of business executives representing 30 Indian companies led by the chairman of the Indian Silk Export Promotion Council met their Vietnamese counterparts at the Buyer-Seller meet held in Ho Chi Minh City on May 21.The visitors were from companies producing silk, fabrics, ready-made garments, silk scarves, stoles, Pareo shawls evening wear, beachwear, fashion accessories, tops, bottoms, trousers, jackets, kaftans, bags, embroidered sh…


OMNICHANNEL synergies, product integration and regional expansion are all on the table for home design and renovation startup Livspace now that it has bagged a strategic investment from the largest owner of Ikea stores, chief executive Anuj.......


India's economic growth will regain strength and approach 7.5% by 2020 buoyed by rural consumption and subdued inflation, the Organisation for Economic Co-operation and Development (OECD) said in its Economic Outlook on Tuesday. “Gross domestic product (GDP) growth in India is projected to strengthen to close to 7.25% in FY19 and close to 7.5% in FY20,” the intergovernmental agency said. This growth will come from higher dom…


DHFL has also halted pre-mature withdrawals of existing deposits to 'help reorganise its liability management' Last week, Care Ratings have downgraded its bonds and loans Shares of Dewan Housing Finance Corp Ltd (DHFL) today fell as much as 20% after the NBFC announced that it has halted accepting fresh public deposits and renewals of existing deposits with immediate effect. The stock hit a low of ₹103.95 on BSE and declined as much as 19…


ShopClues shareholders may get 10% in the combined entity if all-stock deal goes through Online marketplace Snapdeal is close to buying its nearest rival ShopClues in an all-stock deal, two people familiar with the matter said, after the on-again, off-again talks fell through earlier following disagreement on its financial terms. The deal is likely to see Shop-Clues investors get one Snapdeal share for every nine they hol…


Company lays off many employees, but will continue with cloud kitchens Ola is in talks with delivery companies such as Dunzo and Zomato to relist its cloud kitchen brands  About 18 months after acquiring Foodpanda India, ANI Technologies Pvt. Ltd-owned Ola has suspended the company’s food delivery business, laid off about 40 mid- to entry-level employees and terminated the contracts of most of its 1,500 food delivery executi…


Large corporates looking to buy back shares may now have to factor in consolidated group debt in their calculations. The Securities and Exchange Board of India (Sebi) is planning to tweak share buyback norms by proposing that it would consider consolidated numbers instead of standalone financial metrics.  This policy review comes in the wake of its refusal to approve engineering-to-software giant Larsen & Toubro’s buyback proposal …


Yes Bank is looking to bolster its balance sheet after taking a massive hit to cover loan losses The lender was further hit when rating agencies Icra and India Ratings downgraded the long-term ratings of the bank Yes Bank Ltd is considering an equity infusion from private equity (PE) funds, similar to the Bain Capital investment in Axis Bank, as the Ravneet Gill-led lender seeks to bolster its balance sheet after taking a massive hit t…


Mumbai has all the right ingredients for women leaders to thrive The city of dreams, Mumbai has helped millions realize their potential and lead a successful life. How could it now provide opportunities for the enterprising women of India to thrive? In Maharashtra, women entrepreneurs get from INR 15 lakh up to INR 1 crore worth of financial assistance in a proportion of 15-35 per cent of the capital investment of project at the subsidized rate o…


Monsanto has said to have charged seed cos higher trait fee despite government cap The investigation arm of the competition watchdog has found Mahyco Monsanto Biotech Ltd (MMBL) has abused its dominant position in the market for Bt Cotton technology by charging unfair licence fee and entering into pricing agreements directly aimed at overcharging farmers who use Bt Cotton seeds. MMBL is an equal joint venture of Maharashtra-based seed compan…


Restructuring could involve seeking a reduction in interest rates and a modification of the terms of loans If proposal gets nod, Moradabad Bareilly Expressway will be re-classified as a fully solvent “green” asset  Infrastructure Leasing and Financial Services Ltd (IL&FS) Tuesday said its board is considering a plan to recast some of its stressed loans from banks and mutual funds. In an affidavit submitted to Natio…


NITI Aayog is pushing for the government to invest about US $1.7 billion in funding for the development of a cloud computing platform India’s policy commission, the NITI Aayog (the National Institution for Transforming India) has announced that it plans to create a framework for AI in India. Through a cabinet note, it said that it is pushing for the government to invest IN ₹7,500 crores (about US $1.7 billion) in funding for the…


A glimpse into the greening of business practice in the food and beverage industry According to a study done by The World Bank, one of the most worrying predictions about the future is the fact that agricultural production will reduce by 15% to 30% by 2080 due to climate change. This is worrying, because even the current production rates cannot feed the entire world. A substantial percentage of people still suffer from acute famine. This is perha…


A sneak peek inside Narendra Pasuparthy's house, face of 500-crore Nanda Group and founder of Nandu's Chicken   In the bustling Bangalore, everyone has their idea of a cool home. Narendra Pasuparthy, CEO and Founder of Nandu’s Chicken, is the owner of a cool home in posh Jayanagar. The 6500 sq.ft-sized house in the 5th block of the colony is not just a brick and mortar structure, it is where family members throw away their worries of t…


Facebook, Twitter Inc. and Google parent Alphabet Inc. are discovering the harsh reality that disinformation and hate speech are even more challenging in emerging markets than in places like the U.S. or Europe The world’s largest election has become something of a test case in how technology giants handle fake news after years of scandal. It’s not working out so well. India has as many as 900 million voters in an election that cu…


Markets are likely to hold in a range with a positive bias ahead of the vote count on Thursday: Analysts On Monday, Sensex and Nifty saw their biggest single-day gain in 10 years Indian markets hit new highs in early trade as sentiment continued to remain buoyant after exit polls showed Prime Minister Narendra Modi is set to win a second term with an even bigger mandate than in 2014. The Sensex gained over 200 points to hit a new high of 39,565 …


It is incumbent upon us to get the NBFC and the HFC sector back on its feet, says NITI Aayog boss Focus more strongly on agro processing exports, tourism, health and education to create more employment for our young people, said Rajiv Kumar, Vice Chairman, Niti Aayog, in an interview with ETNOW.Edited excerpts......Read more at://economictimes.indiatimes.com/articleshow/69413337.cms?utm_source=contentofinterest&utm_medium=text&u…


The blockchain startup, which was founded Mayank Tewari and Prerit Srivastava last year, has raised $1 million from Accel Partners Call it internet 2.0 or web 3.0, blockchain is here to stay. The underlying technology behind bitcoin is expected to be disrupting several redundant backend processes bringing in transparency and building customer trust. In fact, it is widely dubbed that 2019 is the year of blockchain startups. As we use cases and pil…


In FY18, Infosys reported fewer than 30 crorepati employees & that number has gone up to 64 in FY19 More than 60 senior executives at InfosysNSE -0.84 % earned more than Rs 1 crore in financial year 2019, double the number earning that figure in the previous fiscal, with several senior executives getting massive jumps in compensation after they exercised stock options for FY19, the company said. Infosys reported in financial year 2018 fe…


Long-term view is that we want to get to a structural outcome similar to that of the JV. We’re not in a weak position’ If you look at fundamentals, India’s steel demand is growing annually at 5-6% With the proposed joint venture with German steel giant Thyssenkrupp now abandoned, Tata Steel will focus on making its European business self-sustainable. Koushik Chatterjee, executive director and chief financial offi…


The Hinduja Group has engaged investment bankers led by SBI Capital Markets for due diligence  The Hinduja Group will start the process of bidding for Jet AirwaysNSE 2.25 %this week, having obtained the assent of key stakeholders in the grounded airline including founder Naresh Goyal and EtihadAirways, strategic investor in the carrier. The Hinduja Group has engaged investment bankers led by SBI Capita…


A Scoot flight bound for Singapore was diverted to Chennai International Airport on Monday (May 20) after a cargo smoke warning was triggered.  Flight TR567, travelling from Tiruchirappalli in India, was diverted as a precaution, said Scoot in a statement.    The Airbus A320 aircraft, with 165 passengers on board, landed safely in Chennai at about 3.40am local time.     “The aircraft has been grounded…


The industry is changing at a dizzying pace - making way for newer ways of hospitality While the world is now learning how to open doors of their homes to guests and travellers and how to be hospitable through ventures; Hospitality in Indians has been ingrained since times immemorial. We grow up on stories epitomizing Atithya or Supreme Hospitality. Our mythological literature is full of anecdotes where only the best is for the guest. T…


Bengaluru faced the highest number of cyberattacks in 2018, according to a report by Quick Heal that was shared exclusively with ET, and other cities including Mumbai, Delhi/National Capital Region and Kolkata also becoming victims to these attacks. “Bengaluru, being the technology hub and the top destination for IT jobs, has become the favourite target for cybercriminals,” said Sanjay Katkar, founder of Quick Heal, elaborating o…


Batting for PSU banks' consolidation, Chief Economic Advisor Krishnamurthy V Subramanian has said having a few good banks is a good idea as they can compete and their quality can get enhanced to compete globally with the best in the world. "Having a few large Indian banks is a good idea. By encouraging some of our healthy banks to become big and thereby tap into savings elsewhere, it will be a positive thing. We should have a few banks who c…


2019-05-20

The Hindustan Computers Limited (HCL) from India plans to establish an information and technology (IT) centre in HCM City, which will provide training for about 10,000 IT engineers over the next five years. HCL Executive Vice President Sanja Gupta revealed the plan during a meeting with the city's leaders last week, saying the southern economic hub had favourable conditions to develop his company's project. He a…


This will be the first time a non-Congress party is retaining power, if projections hold true To be sure, most pollsters in 2014 underestimated the scale of the win notched up by the BJP, then the party in the opposition The ruling Bharatiya Janata Party (BJP) is on the verge of making history, if exit poll results for Lok Sabha elections, released on Sunday evening, hold true. Most pollsters said the National Democratic Alliance (NDA) is likely…


NITI has drawn up a plan for creating an institutional framework for artificial intelligence in the country The NITI Aayog has drawn up a plan for creating an institutional framework for artificial intelligence (AI) in the country. It has circulated a cabinet note to provide Rs 7,500 crore in funding for creation of cloud computing platform called AIRAWAT and research institutes. A senior government officia…


IT firm targets strong revenue growth in this fiscal without sacrificing its industry-leading profitability TCS started FY20 with a 3.6% growth rate in constant currency terms, against 2.8% in April last year Tata Consultancy Services Ltd (TCS), India’s largest information technology (IT) services firm, is on track for double-digit growth in the current fiscal year, the second consecutive year of strong growth, without sacrific…


SpiceJet, Vistara and GoAir against IndiGo bagging most of the rights after govt owned Air India. The formula for distributing the foreign flying rights of the grounded Jet Airways has led to a schism in the airline industry, with IndiGo on one side and its rivals on the other, government officials told ET. State-owned Air India has first right of refusal — and will get about half of them on high-demand routes — and the remaining enti…


SGX Nifty trading nearly 300 points, indicating gap-up opening for Sensex and Nifty Asian markets are mostly higher today Indian markets are set for a gap-up opening today with BJP-led NDA sweeping exit polls. SGX Nifty 50 Index futures rallied as much as 2.5% as exit polls predicted a majority for the Prime Minister Narendra Modi's BJP and its allies after the six-week-long general election ended Sunday. One-month offshore non-deliverable rupee…


The Reserve Bank of India released a ‘Vision 2021' document that set targets for payment systems to increase digital transactions. As step towards a cashless society, the Reserve Bank of India released a vision document to ensure safe, secure, accessible, quick, and affordable e-payment systems as it expects the number of digital transactions to increase more than four times to 8,707 crores by December 2021. RBI said tha…


For a long period of time, large firms have acted as the primary caretakers of user data, but the tables have turned or are at least poised to turn The core problem with the internet, as it stands, is identity. Every year, millions of dollars are lost in fraud and identity theft because there’s no secure and verifiable way for anyone to prove their identity or prevent malicious actors from using it. Sophisticated attacks are on the rise. In…


Government of Maharashtra is directing all efforts towards achieving the vision The world is adopting the digital-first culture and India cannot afford to stay behind in the game. The explosion of a startup in the country has opened tons of opportunities for economic growth. FinTech is an important marker of digital progress & Mumbai being one of India’s primary economic hubs with a total wealth of $820 billion has the maximum potential…


With significant retrospectives and women-led shows being organized by museums and galleries, the female voice in art is finally stronger than ever The change has been a long time in the making, with women artists, who came after Amrita Sher-Gil in the 1950s-70s The third floor of The Met Breuer in New York is being prepared for a highly-anticipated new exhibition. Unusual anthropomorphic pieces crafted from hemp—in which the vegetal, huma…


While the pace of counting will be like in the previous polls, the result declaration will be delayed  The final verdict on Lok Sabha elections 2019 is likely to come later than usual, as results will be declared only after the tallying of voter-verified paper audit trail (VVPAT) slips with EVM count is completed – a process that is expected to take well over four hours per constituency. While the pace of counting will be like in …


Subtle but important changes are reshaping India’s startup financing industry, as the action returns to a critical sector Last month, startup India saw a crossover that it was delighted with. Rajan Anandan, managing director of Google India, quit to join Sequoia Capital and lead its early stage investment program Surge. Anandan is among India’s most prolific angel investors with over 59 investments. He got a star’s welcome. …


1. Bollywood celebs have been exploring opportunities in the Indian startup ecosystem. Latest to join the bandwagon is Deepika Padukone who has invested an undisclosed amount in FMCG health-food brand Epigamia.  2. Credit crunch? Ola’s at rescue! The Indian ride-hailing unicorn has launched a Credit Card in association with SBI Card to make the payment process seamless and convenient for its 150 million users.  3. The focus is now…


As travelers seek comfort on their spiritual sojourns, luxury hotels have been quick to spot the demand With the cricket world cup scheduled in June in England, one would expect hotelier Ankur Bhatia to be busy promoting his Roseate properties in London. But his focus right now is the luxury chain’s latest domestic offering — The Roseate Ganges — a plush retreat on the banks of the Ganges in Rishikesh. He is devoting special att…


Amazon has partnered with online travel and leisure activities platform Cleartrip to launch the service Amazon said it would not levy any additional charges in case customers cancel the ticket People in India can now use Amazon to book their domestic flights in addition to shopping, money transfers, utility bill payments, mobile recharges — all through one single app, the e-commerce giant announced on Saturday. Amazon has partnered with on…


In a rapidly changing world, a handful of FMCG brands managed to achieve enduring market leadership It is lunchtime on a weekday and there’s a hubbub of hungry customers around the counter at Cannon food stall, opposite south Mumbai’s iconic Chhatrapati Shivaji Terminus railway station. Employees at the 46-year-old establishment are doing double-speed, rush-hour duty, against the clang of steel plates and swirl of shouted orders, to s…


The government plans to use AI and data analytics to improve services across sectors such as finance, education, and healthcare in rural parts of the country   The Ministry of Electronics and Information Technology (MeitY) has been trying to develop the common service centre (CSC) scheme to help connect citizens in remote parts of the country. The government plans to use AI and data analytics to improve services across sectors such…


Vertex Venture Holdings Ltd. raised $230 million in the first close of its fourth Southeast Asian fund to back technology startups across the region and India.     The Singapore-based venture capital arm of Temasek Holdings Pte plans to finalize the funding in the next few months, which could take it above the first close, said Chua Kee Lock, managing partner of Vertex Ventures Southeast Asia and India. Most of the investors in its…


State-run airline will add two flights daily on its Delhi-Dubai and Mumbai-Dubai routes from next month amid Jet Airways crisis Air India is set to increase flights to Dubai to fill the gap left by Jet Airways' suspension of operations. According to media reports in India, the state-run airline will add two flights daily on its Delhi-Dubai and Mumbai-Dubai routes from next month. India-Dubai is considered one of the most lucrative sectors as dema…


Non-oil exports from Oman to India have increased by almost a third, according to newly-released government data.Non-oil Omani exports to India rose by 32 per cent to reach OMR373.7 million at the end of November 2018, up from OMR283.2 million during the same period in 2017, according to the National Centre for Statistics and Information.India’s Ambassador to Oman has said that one of the reasons this is so is because of the results of the …


2019-05-18

The 300-seater facility adds to the development centers of Cybage catering exclusively to the growing talent pool in Gujarat.  Cybage, a leader in technology consulting and product engineering, recently announced the establishment of its latest state-of-the-art facility in Gujarat. The announcement comes in the wake of Cybage’s ongoing global expansion drive, one of the top priorities of FY 2019-2020. The facility is located at GIFT Ci…


Many people wish to become entrepreneurs. There are varied reasons for every entrepreneurial dream. While some chose entrepreneurship because they have a clear thought or idea, others opt as they don’t want to work for anyone else but themselves or they want to utilize the knowledge and expertise that they have gained for their own growth and then there are others who are just born to do it. Similar to the triggers every entrepreneurial jou…


L&T purchases Mindtree shares at ₹979.98 apiece With Friday’s purchase L&T holds 26.48% stake in the IT company Larsen and Toubro Ltd (L&T) on Friday purchased 13,440 shares of IT services firm Mindtree Ltd. at ₹979.98 apiece in its run-up to the proposed takeover of the latter. With Friday’s purchase L&T holds 43.49 million shares or a 26.48% stake in Mindtree, according to an exchange filing. Mindtree&…