Business and Economy

Friday, December 13, 2019Budget likely on Feb 1, survey on Jan 31: Sources

New Delhi, Dec 13 (IANS) Union Budget for 2020-21 may be presented on February 1 and the Economic Survey is likely to be on January 31, Finance Ministry sources said.

In the Economic Survey 2019 which was presented on July 4, a day before the General Budget on July 5 after the Modi government started its second innings in the government, the focus was on "What India needs to become a $10 trill


Friday, December 13, 2019Govt's stimulus report card says FDI inflow at record level

New Delhi, Dec 13 (IANS) The Finance Ministry on Friday presented a status report on the impact of the recently announced stimulus measures and said that FDI inflows rose exponentially during the first half of the fiscal FY19-20.

According to the ministry, the stimulus measures have led to a record inflow of foreign capital into the country.

"Continous liberalisation has resulted in record


Friday, December 13, 2019No comment on 'stagflation': Sitharaman

New Delhi, Dec 13 (IANS) Finance Minister Nirmala Sitharaman on Friday denied to comment on 'stagflation', saying "I have heard of the narrative going on and I have no comments to make."

When asked if the Indian economy is entering into a stage of 'stagflation', the Finance Minister said, "I am not willing to discuss as to where the economy stands. I am interested in working towards improving


Friday, December 13, 2019NSEL: HC directs PC, others to file statement in 4 weeks

Mumbai, Dec 13 (IANS) The Bombay High Court on Friday asked Congress leader P. Chidambaram, former Forward Market Commission (FMC) Chairman Ramesh Abhishek and serving bureaucrat K.P. Krishnan to file their statements in the the Rs 10,000 crore damage suit by 63 Moons Technologies within four weeks.

The court warned the three that this would be the last extension given to them, as they missed


Friday, December 13, 2019US law firm's plaint not uncommon: Infosys

Mumbai/Bengaluru, Dec 13 (IANS) Software major Infosys on Friday said it was not uncommon for law firms to solicit plaintiffs in a lawsuit.

"The Company notes that it is not uncommon for plaintiffs' lawyers to issue press releases or other media communications asking potential plaintiffs to contact them in order to apply for lead plaintiff status in an existing lawsuit," said Infosys in a stat


Friday, December 13, 2019Sensex nears life-time high despite stagflation fears

Mumbai, Dec 13 (IANS) India's benchmark index Sensex traded near its life-time highs on Friday after signs of easing in US and China trade tension. The Sensex hit an intraday high of 41,030.92 -- a little over 100 points away from a record high of 41,163.79.

Global equities were trading on a firm note on Friday after reports that the US and China may sign a long-awaited trade deal. The world's


Friday, December 13, 2019Over Rs 90 cr spike in Forex from satellite launch in FY19

Chennai, Dec 13 (IANS) The financial year 2018-19 saw a handsome Rs 91.63 crore spike in India's foreign exchange earnings from launching of foreign satellites.

According to the government, the Indian Space Research Organisation (ISRO) has earned Rs 1,245.17 crore during the last five years by launching satellites from 26 countries.

During the fiscal 2018-19, the launch income was Rs 324.19


Friday, December 13, 2019Sensex jumps 300 pts, Nifty tops 12k in early trade

Mumbai, Dec 13: Sensex advanced over 300 points during the early trade on Friday while the Nifty surpassed the 12,000 mark.

Investors were upbeat owing to the Fed's dovish stance on future rate trajectory and strengthening rupee.

At 10.11 a.m., the Sensex was up 297.16 points to trade at 40,878.87. It opened at 40,754.82 from its previous close of 40,581.71.

The Nifty was up 78.45 points


Thursday, December 12, 2019Traders protest 'govt collusion with Amazon, Flipkart'

New Delhi, Dec 12 (IANS) Angry at the reported move of the Ministry of Micro, Small & Medium Enterprises (MSME) to join hands with Amazon and Flipkart for on boarding of traders on their e-commerce portals, a large number of traders on Thursday staged a demonstration at Jantar Mantar here.

Calling upon Union MSME Minister Nitin Gadkari to reject any such proposed move, traders body Confederati


Thursday, December 12, 2019Rising food prices lift India's Nov retail inflation to 5.54%

New Delhi, Dec 12 (IANS) A massive rise in food prices lifted India's November's retail inflation to 5.54 per cent from 4.62 per cent in October, official data showed on Thursday.


Thursday, December 12, 2019Tech Mahindra bags Rs 500cr smart city project in Pune

Pune, Dec 12 (IANS) IT major Tech Mahindra on Thursday said it has won a Rs 500 crore smart city project from Pune's Pimpri Chinchwad Municipal Corporation (PCMC).

Through this project, Tech Mahindra will engage with more than 15 lakh citizens of PCMC by enabling technology-led transformation to convert it into a smart and sustainable city.

"As part of our citizen and civil welfare service


Thursday, December 12, 2019Samsung aims to become top AC player in India by 2022

New Delhi, Dec 12 (IANS) Electronics major Samsung India is renewing its focus on the air conditioner (AC) business in India and aims to become the top player in the country by 2022, a senior company executive said on Thursday.

To achieve this target, Samsung is aiming to double its AC business every year over the next two years and expand its product portfolio.

Samsung currently sells ACs


Thursday, December 12, 2019Govt rules out BSNL, MTNL disinvestment

New Delhi, Dec 12 (IANS) The government on Thursday ruled out any plans to sell stake or disinvestment of ailing telecom PSUs -- Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL) in the Parliament while fixing a target of Rs 200 crore and Rs 300 crore for them from their asset monetisation in current fiscal.

While the specific assets to be monetised during the cu


Thursday, December 12, 20197% drop in telecom revenues in 2018-19: Govt

New Delhi, Dec 12 (IANS) The revenue from the telecom sector to the government has seen a seven per cent drop in fiscal 2019, Rajya Sabha was told on Thursday.

The Communications Ministry said in a written reply in the Rajya Sabha: "As per the information available with the Telecom Regulatory Authority of India (TRAI), the Adjusted Gross Revenue for the telecom service sector stood at Rs 1,44,


Thursday, December 12, 2019Telecom sector outlook negative on AGR dues: ICRA

New Delhi, Dec 12 (IANS) Rating agency ICRA has maintained a negative outlook for the Indian telecom industry, which is grappling with AGR dues, notwithstanding the green-shoots of recovery.

The telecom industry woes, according to ICRA, continue as the industry is required to pay a substantial amount to the Department of Telecom in the form of retrospective AGR related dues.

These amounts,


Thursday, December 12, 2019Alibaba Cloud partners India-based ZNet to boost sales

Mumbai, Dec 12 (IANS) Alibaba Cloud on Thursday announced a distribution partnership with ZNet Technologies Private Limited, India's leading cloud distributor offering cloud infrastructure and managed services.

ZNet is owned by RP tech India (a division of Rashi Peripherals Pvt Ltd) which has 50 branches and 50 service centers across the country.

ZNet will help customers align with Alibaba


Thursday, December 12, 2019India's economy to grow at 4.3 pc in Q4 2019 : Nomura

Singapore, Dec 12: India's economy is expected to grow at 4.3 per cent in December quarter this year amid concerns over crisis in the NBFC sector, according to Nomura.

The Japanese financial services major also believes that the first quarter of 2020 will see a "weak" uptick in GDP growth at 4.7 per cent.

"Domestic credit conditions remain tight as market concerns in the shadow banking (NBF


Thursday, December 12, 2019Sensex up 173 pts ahead of IIP, CPI

Mumbai, Dec 12: Sensex and Nifty opened higher on Thursday ahead of the release of key macro figures -- CPI and IIP -- later in the day.

Analysts have said that the upcoming macro indicators like CPI inflation and the IIP data were unlikely to paint a rosy picture which may reduce upside potential in the near term.

Citing higher inflation the central bank in a surprise move earlier this mon


Wednesday, December 11, 2019Xiaomi leads India smart TV market with 33% share in Q3

Bengaluru, Dec 11 (IANS) With a 33 per cent market share in India, Chinese handset and TV maker Xiaomi on Wednesday announced its leadership in the smart TV segment in the third quarter of 2019, quoting International Data Corporation's (IDC) latest report.

According to IDC's Worldwide Quarterly Smart Home Device Tracker, Q3 2019, MiTV has maintained market leadership for six consecutive quarte


Wednesday, December 11, 2019What India's Privacy Bill requires from social media firms

New Delhi, Dec 11 (IANS) While the Personal Data Protection (PDP) Bill, 2019, introduced in Parliament on Wednesday has toned down the data localisation requirements, it has several implications for social media companies including a provision for users for voluntary verification of their accounts, say experts.

The Bill draws its origins from the Justice B.N. Srikrishna Committee on data priva


Wednesday, December 11, 2019Sensex adds 172 pts, Nifty tops 11,900, Yes Banks tanks 14%

Mumbai, Dec 11 (IANS) Sensex on Wednesday added 172 points while the 50-scrip Nifty index managed to close above 11,900. Yes Bank plunged 13 per cent ending as the top laggard for the second straight day.

Top index contributor Reliance Industries ended in the red but other heavy-weights like Infosys, HDFC and TCS closed higher.

Yes Bank on Tuesday had postponed the decision to approve or de


Wednesday, December 11, 2019Walmart, Flipkart jointly invest in Ninjacart startup

Bengaluru, Dec 11 (IANS) Walmart and its Indian arm Flipkart on Wednesday jointly invested in fresh produce supply chain startup Ninjacart, to modernise fresh produce market to benefit consumers, retailers and farmers.

"As a homegrown e-commerce company, it is in our DNA to drive change and solve complex local problems in-house through technology. In Ninjacart, we see a company that shares our


Wednesday, December 11, 2019Sitharaman opts out of GoM on IGST, Sushil Modi made chairman

New Delhi, Dec 11 (IANS) The Centre has changed the composition of the group of ministers (GoM) on integrated goods and service tax (IGST) after finance minister decided to opt out of the ministerial panel headed by her. Deputy Chief Minister of Bihar, Sushil Modi has now been made chairperson of the GoM that is expected to deliberate and suggest measures for increasing the GST revenue.



Wednesday, December 11, 2019Sensex up 129 pts, Yes Bank tanks 7%

Mumbai, Dec 11: Sensex advanced 129 points during the early trade on Wednesday while the Nifty traded slightly below the 11,900 mark.

Yes Bank fell over 7 per cent after it postponed the decision to approve or decline the binding offer of $1.2 Billion -- 60 per cent of the total capital the bank aims to raise -- submitted by mysterious investor Erwin Singh Braich on Tuesday.

Yes Bank, howev


Wednesday, December 11, 2019Onion prices increased by 400% after March

New Delhi, Dec 11: Onion prices have increased by 400 per cent after March as the average retail price of onion on December 3, 2019 was recorded to be Rs 81.9 per kg as compared to Rs 15.87 per kg in March 2019, said Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan on Tuesday in Lok Sabha.

The price of rice and wheat have increased by 10 per cent while the prices of


Wednesday, December 11, 2019Privacy Bill seeks access to 'Non Personal Data' from cos

New Delhi, Dec 11 (IANS) Government holds ultimate rights and powers to seek access to users' data to help formulate policies, showed the Personal Data Protection Bill which was circulated among the Parliament members on Tuesday.

Agency has viewed the Data Protection Bill. The final Bill also sees the government back down from its previously strict stance on data localisation.

The relevan


Tuesday, December 10, 2019SBI under-reports bad loans by Rs 12k cr for FY 19

New Delhi, Dec 10 (IANS) State Bank of India on Tuesday reported bad loan divergence of Rs 11,932 crore for the last financial year besides disclosing divergence of Rs 12,036 crore in provisioning for the financial year ending March 2019.

The bad loan divergence means banking regulator RBI found SBI has under-reported its NPA by Rs 11,932 crore for last fiscal. The gross non-performing assets


Tuesday, December 10, 2019UAE praises Himachal for hosting investors' summit

Shimla, Dec 10 (IANS) UAE Ambassador to India Ahmed Al Banna has appreciated the efforts of the state for organising the maiden Global Investors Summit last month to which it was the partner country, the government said on Tuesday.

In a letter to Chief Minister Jai Ram Thakur, the Ambassador said the summit has not only created an ideal platform for exchange of views and opportunities, but has


Tuesday, December 10, 2019Yes Bank plunges 12% ahead of key meet

Mumbai, Dec 10 (IANS) Stock price of Yes Bank on BSE extended losses on Tuesday, falling nearly 12 per cent, as investors feared an adverse outcome of the crucial board meeting later.

The Ravneet Gill-led fourth largest bank is expected to take a call on the $2 billion investment offers.

A spike in volumes (trading in a stock) was also seen in Yes Bank as investors rushed to sell the banks


Tuesday, December 10, 2019More NBFCs to look for offshore financing in 2020: Fitch Ratings

New Delhi, Dec 10 (IANS) The international ratings agency, Fitch Ratings expects more of India's non-bank financial companies (NBFC) to look for offshore financing in 2020 as local funding conditions are likely to remain under pressure.

"However, we expect offshore access to be confined to larger entities with stronger credit fundamentals," the agency said in a statement on Tuesday.



Monday, December 9, 2019Vistara enters into codeshare agreement with Lufthansa

New Delhi, Dec 9 (IANS) Full-service carrier Vistara on Monday entered into a codeshare agreement with Lufthansa.

In aviation parlance, a codeshare allows two airlines to sell seats on each others' flights to provide passengers with a wider choice of destinations.

Accordingly, Lufthansa will add its 'LH' designator code to nearly 18 Vistara-operated flights every day covering 10 Indian citi


Monday, December 9, 2019Gazprom undersea pipeline to provide gas to Pak, India

Islamabad, Dec 9 (IANS) Russian energy major Gazprom is set to initiate feasibility study in the first quarter of 2020 for laying an undersea pipeline, beginning from the Persian Gulf and extending to Pakistan, India and Bangladesh, and ultimately ending in China, after touching Myanmar and Thailand.

The pipeline will pass through the shallow waters of Pakistan, India and Bangladesh, and each


Monday, December 9, 2019Walmart launches initiative to support MSMEs

New Delhi, Dec 9 (IANS) Retail major Walmart on Monday launched "Walmart Vriddhi Supplier Development Program", an initiative to help MSMEs in India to enhance their capability and supply chain.

Speaking at the launch event here Judith McKenna, President and CEO, Walmart International Under the initiative, the company which owns the e-commerce major Flipkart, aims to train around 50,000 micro,


Monday, December 9, 2019Onion prices ease in Delhi amid increased arrivals

New Delhi, Dec 9 (IANS) Wholesale prices of onion eased in Delhi on Monday after an increase in local produce arrivals as well as the bulb sourced from the overseas.

"Around 24,000 bags of onion, each containing 55 kg of the crop, arrived at the Azadpur Mandi that brought down the prices as compared to the previous week," Rajendra Sharma, President Onion Merchant Association told IANS.



Monday, December 9, 2019Endangered mahseer multiplying in Himachal

Shimla, Dec 8 (IANS) The golden mahseer has been saved from extinction through a conservation plan launched to improve its status in reservoirs and rivers of Himachal Pradesh, according to conservationists here on Sunday.

India's nearly extinct 'tigers of the water', which suffered severe population declines in recent years and declared endangered by the Washington-based International Union of


Monday, December 9, 2019Suraksha tries hard to gain confidence of Jaypee Infra's CoC

New Delhi, Dec 8 (IANS) With most of the home buyers of Jaypee Infratech (JIL) seen backing the state-run NBCC (India) to acquire the bankrupt company and its projects, Suraksha Realty, the other player in the fray has made several efforts this time round to gain the favour of the Committee of Creditors (CoC) including both banks and home buyers.

Apart from raising its land offering to the ban


Sunday, December 8, 2019Suraksha tries hard to gain confidence of Jaypee Infra's CoC

New Delhi, Dec 8 (IANS) With most of the home buyers of Jaypee Infratech (JIL) seen backing the state-run NBCC (India) to acquire the bankrupt company and its projects, Suraksha Realty, the other player in the fray has made several efforts this time round to gain the favour of the Committee of Creditors (CoC) including both banks and home buyers.

Apart from raising its land offering to the ban


Sunday, December 8, 2019US equities post mixed weekly results

New York, Dec 8 (IANS) US equities posted mixed results in the past week as investors digested the latest economic data while closely monitoring the latest development of trade issues between the United States and its major trading partners.

For the week, the Dow lost 0.1 per cent, the S&P 500 declined 0.2 per cent, and the Nasdaq erased 0.1 per cent, Xinhua news agency reported on saturday.