Entertainment Network (India) Ltd, or ENIL, the operator of India’s No.1 FM radio channel Radio Mirchi, on Friday posted total revenue of Rs 37 crore for the first quarter ended June 30. This was nearly 72% lower compared to Q1FY20 due to lockdowns. However, cost-control initiatives resulted in a 27% lower other operating costs, even … Continue reading Radio Mirchi revenue falls 72%, but market share expands
Volkswagen to exit diesel space in India
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German automaker Volkswagen (VW) India has decided to exit the diesel vehicle segment although as part of its new India 2.0 strategy it will continue to bet on SUVs for Indian roads. According to Steffen Knapp, director, Volkswagen Passenger Cars India, the exit diesel strategy is fuelled by the falling share of diesel vehicles in … Continue reading Volkswagen to exit diesel space in India
Four cabin crew members of the Air India Express flight that crash landed at the Karipur airport are safe, the national transporter said on Saturday. “The four cabin crew members are confirmed safe,” Air India Express said in a bulletin.
China on Saturday slammed the United States for imposing “barbarous” sanctions in response to Beijing’s crackdown in Hong Kong, capping a dramatic week of deteriorating relations between the world’s two biggest economies.
Mahindra & Mahindra (M&M) is putting all its subsidiaries — including non-core businesses in India and also North American automotive operations — under the scanner to see if they meet the threefold criteria of 18% RoE (return on equity), clear profitability and strategic importance.
The coronavirus-induced lockdown and subsequent crunch in parts supplies from China saw the Indian smartphone market contract by 51% in the April-June quarter. Any hopes of a credible revival now rest on the second half, especially the festive period in Sept-Oct. A little over 18 million units were sold in the second quarter against 37 … Continue reading Smartphone mkt crashes 51% on supply chain woes
Central Industrial Security Force (CISF) personnel guarding the perimeter of Calicut Airport on Friday were the first responders when the Air India Express crash-landed there at 7.41 pm.
Air India Express will be paying a compensation of Rs 10 lakh to the next kin of the deceased passenger, said an Air India official. In case of deceased passengers below the age of 12 years, the airline will pay Rs 5 lakh as compensation. The airline has also announced a Rs 2 lakh compensation … Continue reading Rs 10L compensation to family of deceased: AI Exp
To boost ‘self-reliant India’ endeavour, Union minister Nitin Gadkari on Saturday urged the industry to identify the sectors heavily reliant on imports, particularly from China, and look for substitutes towards indigenous production to make India a super power. He also said that a host of initiatives including redefining the MSME definition will yield rich dividends.
Mukesh Ambani has surged past Europe’s wealthiest man, making him the world’s fourth-richest person. Reliance Industries Ltd’s chairman is now worth $80.6 billion, after amassing $22 billion this year. That gives him a bigger wealth pile than France’s Bernard Arnault, whose LVMH Moet Hennessy Louis Vuitton SE has suffered from customers curbing high-end purchases.
Microsoft Corp is chasing a deal to buy all of TikTok’s global business, including its operations in India and Europe, an international daily reported on Thursday, citing five people with knowledge of the talks. Microsoft has said it is seeking to buy the assets of TikTok in North America, Australia and New Zealand. It has … Continue reading Microsoft expands TikTok takeover ambitions: Report
Shares of Yes Bank on Friday rose 5 per cent after LIC acquired close to 5 per cent shareholding in the bank by purchasing shares from the open market.
Issuer will be able to send cheque’s pic
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Account-holders will soon be able to send to their bank the details of a high-value cheque they issue to third parties, which will enable safer and faster clearance of cheques above Rs 50,000.
Individuals with home loans and other personal loans, who do not have the ability to repay, will have to wait a bit longer to know what relief is available.
President Donald Trump on Thursday ordered an unspecified ban on “transactions” with the Chinese owners of the consumer apps TikTok and WeChat, although it remains unclear if he has the legal authority to actually ban the apps from the US. The orders’ wording is vague, but leaves open the possibility that hosting them on Apple … Continue reading Trump bans dealings with Chinese owners of TikTok, WeChat
Mark Zuckerberg’s net worth passed $100 billion for the first time Thursday after Facebook Inc. hit a record high on optimism about the release of its TikTok competitor Reels. The 36-year-old joins fellow tech titans Jeff Bezos and Bill Gates as the only people in the world who currently have centibillionaire status.
Facebook Inc will allow employees to work from home until July 2021 due to the coronavirus outbreak and will give them $1,000 for home office needs, a spokeswoman for the social media giant said on Thursday. The company joins other big technology firms that have taken similar steps recently.
M&M Q1 profit falls 94% at Rs 55 crore
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Homegrown diversified group Mahindra & Mahindra on Friday reported 94% decline in consolidated profit at Rs 54.64 crore for June quarter 2020, adversely impacted by the Covid-19 pandemic. The company had posted a profit after tax of Rs 894.11 crore in the same period last fiscal. Revenue from operations during the quarter under review stood … Continue reading M&M Q1 profit falls 94% at Rs 55 crore
The latest spending patterns of Indians reveal just how deeply concerned they are with protecting their health and fortifying their store-cupboards, warding off boredom and keeping their homes neat. Sales of packaged foods have surged since March. Sales of juicers etc have quadrupled and demand for ayurvedic products is high. Demand for vacuum cleaners has … Continue reading What Indians are buying during Covid times
The country’s foreign exchange reserves hit an all-time high of $534.568 billion after surging by massive $11.938 billion in the week ended July 31, the Reserve Bank of India (RBI) data showed. While announcing the monetary policy on Thursday, RBI governor Shaktikanta Das said the reserves at $534.6 billion are equivalent to 13.4 months of … Continue reading Forex reserves climb to all-time high of $534.5bn
Video conferencing platform Zoom’s founder Eric Yuan said India is its largest market outside the US, in terms of users, to be followed by Japan, the UK and Canada. Yuan said Zoom is looking at India-first innovations, going forward, and that it is looking at low-cost solutions for the market as it plans new services … Continue reading India largest market outside US: Zoom founder
Serum Institute of India (SII) on Friday said it has entered into a new partnership with international vaccine alliance Gavi and Bill & Melinda Gates Foundation to accelerate manufacturing and delivery of up to 100 million doses of COVID-19 vaccines for India as well as other low and middle-income countries (LMICs).
Finance minister Nirmala Sitharaman on Friday said taxpayers are nation-builders and the government would come out with a charter of rights for them. The minister also said the government has taken several measures towards simplification, improving transparency and moderation in rates as part of efforts to bring in ease for honest taxpayers.
At least 17 people onboard an Air India Express flight from Dubai lost their lives when the Boeing 737 overshot the Kozhikode/Calicut tabletop runway on landing at 7.41 pm on Friday. The aircraft, with 190 people on board, “fell off” the runway into a 35-feet deep valley and broke into two.
Cognizant emerges as ‘new CEO factory’
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Cognizant is being called the new CEO factory. Senior executives leaving the company following new CEO Brian Humphries’ restructuring initiative are finding top roles in others, despite the difficulties caused by the Covid-19 pandemic. Most are being hired by companies much smaller than Cognizant, perhaps to take advantage of their experience in scaling up.
Toyota to drive in sub-Rs 10 lakh SUV
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Toyota Motor is set to enter the sub-Rs 10 lakh SUV category in India, riding on its partnership with Maruti Suzuki. The company will drive in the sub 4-meter SUV, to be called ‘Urban Cruiser’, and the model — its cheapest off-roader ever in the market — will be sourced from Maruti Suzuki, which is … Continue reading Toyota to drive in sub-Rs 10 lakh SUV
Byju’s said it has acquired online coding classes startup WhiteHat Jr for $300 million in one of the rare all-cash deals in the startup ecosystem. The deal, which has been in the works for the last few months, will help the education unicorn startup foray into the fast-growing segment as WhiteHat Jr claims an annualised … Continue reading Byju’s buys online coding classes startup for $300m
American cult bike maker Harley-Davidson is downsizing its operations in India and understood to have laid off workers as business has slowed down in the wake of the coronavirus pandemic and outlook remains shaky. The company is slashing production at its assembly operations at Bawal in Haryana.
Health insurance claims related to Covid-19 are inching towards the one-lakh mark, with the value of the claims at around Rs 1,400 crore. Even as Mumbai continues to lead in the number of cases, claims from Delhi and Chennai are steadying, while Bengaluru private hospitalisation claims are on the rise.
A tie-up of TikTok with Microsoft could extend American dominance of the online and social media world. But it may have some unintended, negative consequences too for US firms and the open internet.