Saudi Arabian Oil Co. released its financial results a year after the pandemic sent the price of oil crashing to all-time lows as people stopped moving around the world to stem the spread of the virus.
Boeing has begun “return to service” modification work on the five B737 Max in India that now-defunct Jet Airways had in its fleet. Once complete, the two foreign lessors of these five planes will seek India’s nod to either fly them to their home countries or to new customers abroad. This aircraft is barred from … Continue reading Boeing begins ‘return to service’ work on five B737 Max of erstwhile Jet Airways
Preliminary estimates show a substantial waning of the household financial savings rate to 10.4% of GDP in the second quarter of 2020-21 from a high 21% in the preceding quarter, as households switched from an “essentials only” spending to discretionary with the gradual reopening and unlocking of the economy, a Reserve Bank of India (RBI) … Continue reading Home savings halved to 10.4% of GDP in Q2
The RBI also flagged that timely communication and clarification (from the NSE) could have averted the panic selloff by online traders on the BSE and prevented huge losses to investors.
Nokia to lay off nearly 1,500 in India
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Nokia is laying off nearly 1,500 employees in India after it announced a plan to reset its costs, sources told TOI. Nokia is repositioning itself to deliver profitable growth and technology leadership including catching up in 5G.
A federal jury in Texas said Apple Inc must pay about $308.5 million to Personalized Media Communications LLC (PMC) for infringing a patent associated with digital rights management.
TCS will offer salary increments to its employees for the next fiscal year starting April 1, becoming the first IT services company to commit to do so. The news will likely come as a sentiment booster to employees at a time when the industry is still recovering from the pandemic downturn.
In the biggest week for IPOs in India in over a year, six companies closed their issues on Friday, together mobilising a little over Rs 4,500 crore. Two companies were also listed during this period and both at a premium to the offer prices despite a weak market, thus capping a week that signals strong … Continue reading After lockdown washout, FY21 sees hit IPOs
Tesla Inc chief executive Elon Musk said on Saturday his company would be shut down if its cars were used to spy, his first comments on news that China’s military has banned Teslas from its facilities.
Former Sebi chairman GV Ramakrishna, 91, passed away on Saturday morning in Chennai after brief illness. Born in 1930, in Bengaluru, he started his career as a biochemist and then opted for civil services in 1952.
Congress leader Rahul Gandhi on Saturday attacked the government, alleging that under it unemployment, price rise, poverty and income of its “friends” have increased.
Loss-making companies can now pay remuneration to their non-executive directors, including independent directors, with the government amending existing rules. The amendments have been made to certain provisions under the Companies Act, 2013.
Apple Inc’s CEO Tim Cook, software chief Craig Federighi and other executives were named on a tentative list of witnesses in the software giant’s case against Epic Games, a court filing dated March 19 showed.
China’s top securities regulator on Saturday urged underwriters to tighten scrutiny on companies seeking to list their shares, vowing to punish those trying to bring “sick” companies to the initial public offering (IPO) market.
As many as 20 states have successfully completed ease of doing business reforms, the finance ministry said on Saturday. States completing the reforms are eligible for additional borrowing of 0.25 per cent of Gross State Domestic Product (GSDP).
Federal Bank MD & CEO Shyam Srinivasan has said that the private bank sees an opportunity to grow both organically and through acquisition. The bank is interested in acquiring a microfinance business as part of its focus on growing the retail high-margin category.
IPO of Kalyan Jewellers subscribed 2.6x
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The Rs 1,175-crore initial public offering (IPO) by Kalyan Jewellers, one of the largest companies in the organised jewellery segment in India, closed with a subscription of 2.6 times. The issue had a price band of Rs 86-87 a share.
The Rajya Sabha on Thursday passed the Insurance (Amendment) Bill, 2021 — which seeks to raise the foreign direct investment (FDI) cap in insurance sector to 74% from the current 49% — by voice vote, amid assurance by finance minister Nirmala Sitharaman that sufficient safeguards had been built in to protect the interests of policyholders.
GST slabs trigger classification woes
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Multiple GST slabs and interpretations — both by businesses and government authorities — are ensuring that there is never any shortage of classification problems. At least three cases have been dealt with by various authorities, with companies seeking production interpretations, which in many cases were clear.
A dozen global banks are to bankroll the Gautam Adani-founded Adani Green Energy’s underconstruction renewable power projects with over $1.3 billion revolving credit line, the company said on Thursday.
But for a 20-day pause in fuel price revision, petrol would have cost more than Rs 103 per litre in Mumbai by now and sold for about Rs 100 in many other cities. However, the reprieve for consumers have come at a cost to the state-run fuel retailers, who are suffering under-recovery of Rs 4 … Continue reading Oil cos lose Rs 4 on petrol, Rs 2 on diesel
The Insurance Regulatory and Development Authority of India (Irdai) is expecting demand for new covers like those for business interruption and cyber risks to rise in the wake of the pandemic and the corresponding shift to work-from-home arrangements.
Five powerful Democratic senators on Thursday urged President Joe Biden to rescind his predecessor Donald Trump’s ban on some non-immigrant visas, including the H-1B visa which is popular among Indian IT professionals, saying this creates uncertainties for US employers, their foreign-born professional workers and their families.
A US Federal Aviation Administration decision to bring in-house final checks on four Boeing Co 787 jets is the latest signal of the agency’s tougher scrutiny of the embattled US airplane manufacturer.
The country’s largest lender State Bank of India (SBI) has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said.
India’s economy is likely to grow by 12 per cent in 2021 following a 7.1 per cent contraction last year, as near-term prospects have turned more favourable, Moody’s Analytics said.
HDFC Bank’s MSME book grew 30 per cent year-on-year to cross the Rs 2-lakh-crore-mark as of December-end, mainly boosted by the pandemic-induced ECLG scheme under which it disbursed over Rs 23,000 crore.
The government on Friday urged the Delhi high court to restrain WhatsApp from implementing its new privacy policy and terms of service. In January, the messaging platform informed users it was preparing a new privacy policy, under which it could share limited user data with Facebook and its group firms.