Tesla Inc on Wednesday became the highest-valued automaker as its shares surged to record highs and the electric carmaker’s market capitalisation overtook that of former front runner Toyota Motors Corp. Tesla shares hit a record of $1,133, boosting the company’s market cap to $209.47 billion – roughly $6 billion more than Toyota is currently valued … Continue reading Tesla becomes most valuable automaker as shares rally
Amid apprehensions of a fall in Chinese investment in India, overall flows added up to just $163 million in 2019-20 and no proposal has been filed since the government decided last April to scan all foreign direct investments (FDIs) from countries with which India shares a border. Official data showed that China was at number … Continue reading Little FDI from China since last year
Strong global demand for gold, along with a depreciating rupee, helped the yellow metal to breach the Rs 50,000-per-10gm mark in Mumbai’s retail market on Wednesday. This is the first time the price of the precious metal crossed the psychologically important level. Before starting to move up mid-2018 onwards, Gold was range-bound at Rs 30K-32K … Continue reading Retail gold prices go past Rs 50k/10gm mark
Democratic presidential candidate and former US vice president Joe Biden has said that he will lift the temporary suspension on H-1B visas, the most sought-after by Indian IT professionals, if he wins the November presidential elections. On June 23, in a huge blow to Indian IT professionals eyeing the US job market, the Trump administration … Continue reading If elected, will revoke H-1B visa suspension: Joe Biden
HDFC Bank has launched pre-approved instant auto loans to its customers across 1,000 cities. HDFC Bank’s online auto loan offering. ZipDrive, is a technology-enabled loan product where credit assessment is done by banking software rather than employees and loan released in seconds.
Google on Thursday said it has temporarily blocked access to those apps that were still available on the Play Store in India even after the government banned on 59 apps this week. However, Google did not disclose details of the blocked apps. According to sources, developers of many of the 59 banned apps had taken … Continue reading Google temporarily blocks access to banned apps in India
Trade links between India and China are strong and reducing India’s reliance on China won’t be easy. The US pipped China to become India’s largest trade partner two years ago, but Beijing continues to remain New Delhi’s biggest source of imports. India’s purchases from China was just shy of $70 billion in 2019 with a … Continue reading India’s reliance on China may be tough to break
Equity indices finished higher for second straight day on Thursday with the benchmark BSE sensex rising over 400 points, led by gains in auto and IT stocks. The 30-share BSE sensex surged 429 points or 1.21 per cent to close at 35,844. While, the broader NSE Nifty finished 122 points or 1.17 per cent higher … Continue reading Sensex jumps 429 points to finish at 35,844
TikTok’s mother company, China-based ByteDance, could face a loss of $6 Billion following Indian government’s decision to ban 59 Chinese apps including wildly popular TikTok.
India needs FDI worth Rs 50 to 60 lakh crore and the money can be tapped mainly through infrastructure projects as well as MSME sector to accelerate the wheels of coronavirus-hit economy, said Nitin Gadkari. Economic activities have been significantly disrupted in the wake of the pandemic and subsequent lockdowns imposed to curb spreading of … Continue reading ‘India needs Rs 50-60L cr FDI to boost economy’
FMCG (fast moving consumer goods) major HUL on Thursday said it has rebranded its popular skincare brand Fair & Lovely as ‘Glow & Lovely’ after dropping the word fair from its name. According to the company, it is taking a more inclusive vision of positive beauty while introducing Glow & Lovely — the new name … Continue reading HUL’s Fair & Lovely to be known as Glow & Lovely
India is in advances stages of talks with US, Canada, European and Gulf countries to create individual travel bubbles with them and international flights may soon resume on some routes. Airports Authority of India (AAI) chairman Arvind Singh on Thursday said airlines airlines of each country will be able to operate in that bilateral arrangement … Continue reading ‘India in talks with US, others for travel bubbles’
Union Minister Nitin Gadkari on Thursday urged Indian companies to set their eyes on global expansion to fulfil the dream of ‘Atmanirbhar Bharat’. Reducing dependence on imports and enhancing exports is the need of the hour, he said.
A day after the govt ordered the “blocking” of 59 Chinese apps, some of them, such as TikTok, Club Factory, decided to approach the Centre seeking to clarify their position while maintaining that they were compliant with Indian regulations. The statements came as Apple and Google said they were yet to receive official communication to … Continue reading App makers to approach govt to ‘clarify’ position
The race to replace China’s TikTok, and grab its users and creators, is heating up. A new set of Indian startups in the social and short-video sharing space — like Chingari, Roposo, Public and Mitron — has emerged in the list of top 20 downloaded apps on Google’s Play Store in the last few days. … Continue reading Desi clones rush to fill space vacated by TikTok
Data released by the RBI shows that the country recorded a current account surplus of $600 million (0.1% of GDP) for the January-March 2020 quarter as against a deficit of $4.5 billion (0.7%) of GDP a year ago. The last time the current account was in surplus was over a decade ago in March 2007.
Bank loans to individuals under the personal segment shrunk by Rs 74,790 crore in April and May 2020 driven by a sharp drop in credit card outstanding and a decline in loans against fixed deposits. Bank advances to the services sector and industry also recorded a sharp drop.
Hindustan Unilever (HUL) has initiated discussions on possible alternatives to raw materials that the company imports from China. This was stated by HUL CMD Sanjiv Mehta in response to shareholders’ queries at the company’s 87th annual general meeting that was held virtually on Tuesday.
The ban includes apps from some of the largest Chinese technology companies, including Alibaba, Bytedance, Baidu, Tencent, Xiaomi, YY Inc and Lenovo, which have been building up user bases of millions in India. Even more worryingly for them, India’s move ban 59 Chinese apps could set a global precedent. Among the top 200 apps, the … Continue reading App ban a setback to ambitions of Chinese tech cos
Your Chinese smartphones — from companies such as Xiaomi, Oppo, Vivo and RealMe — will continue to work and not be immediately affected by the govt action against 59 Chinese apps but it may create some fear among buyers who have traditionally opted for these smartphones as they are affordable. With uncertainty around Chinese companies, … Continue reading App ban won’t impact your Chinese phones, for now
The Carlyle Group will acquire about 25 per cent stake in Airtel’s data centre business, Nxtra Data, for $235 million (about Rs 1,780 crore), the company said in a statement on Wednesday.
Jet fuel or ATF price on Wednesday was hiked by 7.5 per cent, the third increase in a month, while petrol and diesel rates were unchanged for the second day in a row.
The country’s largest carmaker Maruti Suzuki India reported a 54% decline in total sales at 57,428 units in June. The company had sold 1,24,708 units in June last year. Domestic sales declined by 53.7% to 53,139 units last month, as against 1,14,861 units in June 2019, it added.
TikTok CEO Kevin Mayer on Wednesday said that the company is working with various stakeholders to address the concerns raised by the Indian government, and remain committed to support the welfare of TikTok creator community till the interim ban order is in effect.
Gold prices in India hit an all-time high on Wednesday, tracking a global rally, as surging coronavirus cases in many countries raised the metal’s safe-haven appeal.
India’s manufacturing activity contracted for a third straight month in June, albeit at a much shallower pace, as demand and output continued to suffer from three months of lockdowns to quell the spread of the coronavirus, a private survey showed.
Equity indices finished higher on Wednesday with the benchmark BSE sensex rising nearly 500 points led by gains in financial stocks, amid positive global cues. The 30-share BSE index surged 499 points or 1.43 per cent to finish at 35,414; while the broader NSE Nifty closed 128 points or 1,24 per cent higher at 10,430.
Finance minister Nirmala Sitharaman on Wednesday asked GST officers to foresee the issues faced by domestic businesses and address them proactively so that they can compete on a global scale and build a self-reliant India.
GST revenue collection in June stood at Rs 90,917 crore, up from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April.The goods and services tax (GST) mop up was 9 per cent lower on a year-on-year basis in June, while it was 62 per cent down in May and fell 28 … Continue reading GST collection in Q1 dips 59% due to Covid
The Railways on Wednesday formally kickstarted its plans to allow private entities to operate passenger trains on its network by inviting request for qualifications for participation on 109 pairs of routes through 151 modern trains, the national transporter said. The project would entail a private sector investment of about Rs 30,000 crore, it said.