Eight of the top 10 valued firms witnessed a combined erosion of Rs 1,57,277.53 crore in market valuation last week, with Reliance Industries Limited emerging as the biggest laggard.

Long-haul carrier Qatar Airways on Sunday reported revenue losses of USD 1.9 billion for the past year, blaming the coronavirus pandemic, its liquidation of shares in Air Italy and the ongoing boycott of Doha by four Arab nations for the drop.

Voda Idea starts upgrading 3G users to 4G

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Telecom operator Vodafone Idea Ltd (VIL) on Sunday said it has started upgrading its 3G users to 4G in key markets. Further, the company said it is in the best position to upgrade 2G customers also to 4G, but it will continue with basic voice based services to its 2G subscribers.

In its last MPC meeting in August, RBI kept policy rates unchanged to help tame inflation that in recent times had surged past 6 per cent mark, and said the economy is in an extremely weak condition following the pandemic. The RBI has cut policy rates by 115 basis points since February.

Mondelez India is bringing sweet tidings for its employees. Beginning January 2021, the leading chocolate maker will extend its group mediclaim policy to cover live-in partners as well. It will also cover adoptive and dependent children of the domestic partners.

A majority of top industry leaders, who are optimistic about good business performance in the next four months, said that businesses are seeing some respite from challenges with lockdowns easing up across India. Ramping up production, difficulty in sourcing raw materials, getting products to retail outlets, limited opening hours/store closures were the key challenges faced … Continue reading Most biz leaders optimistic about performance: Nielsen

Two weeks after his appointment was approved by the board, Taj GVK Hotels said Dilip Cherian, chairman of Perfect Relations, has resigned from the director’s post. Cherian’s appointment came as a surprise as his firm handles the communications account of Shapoorji Pallonji Group, which is in a legal battle with the Tata Group.

Flipkart ropes in 1MG for e-pharma

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Following Reliance and Amazon India, Walmart-owned Flipkart has now entered the e-pharmacy space. It has partnered with Gurgaon-based 1MG, whose app is now available on Flipkart’s Android one. This means users can order prescription medicines, book doctor consultations and lab tests within Flipkart.

State Bank of India’s (SBI’s) specially-carved vertical for financial inclusion is looking to ramp up its network of customer service points (CSPs) by adding close to 11,000 new centres during the second half of the current fisal.

Infosys’s data and analytics (DNA) practice, which started five years ago, has grown into a nearly $3 billion service line, employing over 20,000 employees. The revenue is almost a quarter of the company’s total business.

The Reserve Bank of India (RBI) will keep rates on hold until early next year in a delicate balancing act between curbing high inflation and lifting the economy from its worst recession on record, a Reuters poll of economists showed.

Federal Aviation Administration (FAA) chief Steve Dickson is set to conduct an evaluation flight at the controls of a Boeing 737 MAX next week, a key milestone as the US planemaker works to win approval to resume flights, the agency told lawmakers.

Accenture is offering a seven-month severance payout to employees impacted by its latest layoffs. The package is high considering most companies offer a two-three months’ payout, or one month of salary for every year of service put in.

Gold fell on Friday, hovering near last session’s over two-month low, as investors sought shelter in the dollar from rising coronavirus cases and uncertainties over the next US stimulus to aid the economy.

Sri Lankan Prime Minister Mahinda Rajapaksa sought an additional currency swap facility and deferment of debt payments from India during an online bilateral summit with Prime Minister Narendra Modi on Saturday, Indian officials said.

Mindtree co-founder Krishnakumar Natarajan and his family have sold over 4.66 lakh shares of the company, reducing their combined shareholding to 2.01 per cent. The transactions were carried out by Krishnakumar N, wife Akila Krishnakumar and son Siddarth in multiple tranches between September 15-23, Mindtree said in a regulatory filing on Saturday.

The Comptroller and Auditor General (CAG) has red flagged the government’s “disinvestment” programme involving the “strategic sale” of one public sector undertaking to another state-run entity, as well as flow of the proceeds from sale of shares held by the Specified Undertaking of UTI (SUUTI) into the kitty.

Telecom Regulatory Authority of India (Trai) has decided to drop proceedings against Vodafone Idea Ltd (VIL) in priority plan matter after the telco withdrew contentious claims on faster speed and modified its offering. The move brings down curtains on the controversial priority plan issue, which saw the telecom regulator initiating a probe into telco’s claims … Continue reading Trai drops probe against Voda Idea on priority plan

Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) on Saturday said it has received Rs 7,500 crore from US private equity firm Silver Lake Partners, which has picked up 1.75 per cent stake in its retail arm. Earlier, on September 9, RIL had announced that Silver Lake would invest Rs 7,500 crore into its arm Reliance … Continue reading RIL’s retail arm receives Rs 7,500cr from Silver Lake

Finance ministry sources countered Comptroller and Auditor General audit finding of Centre wrongly retaining Rs 47,272 cr of GST compensation cess meant for states, saying temporary retention cannot be termed as a diversion. Sources said compensation due for the year 2017-18 and 2018-19 was fully paid to states. In 2017-18, Rs 62,611 cr was collected … Continue reading ‘Temporary retention of GST cess, not diversion’

Donald M Kendall, a former soda salesman who as the head of Pepsi challenged Coke in a worldwide cola war and personally promoted his brand as the first American consumer product made and marketed in the Soviet Union, died on Saturday at his home in Greenwich, Connecticut. He was 99.

Mobile telephone operator Vodafone has started talks to buy Spanish rival MasMovil with the three buyout funds who recently took it over, a newspaper reported on Friday, citing sources with knowledge of the situation.