IT services major Tata Consultancy Services (TCS) on Thursday reported a 13.81 per cent fall in its consolidated net profit for the first quarter (Q1) ended June 30, 2020. The company posted a net profit of Rs 7,008 crore for the period under consideration, as against a profit of Rs 8,131 crore posted in similar … Continue reading TCS Q1 net profit dips 13.81% to Rs 7,008 crore
Wooing global companies, Prime Minister Narendra Modi on Thursday said his government’s self-reliant India campaign is not about being closed to the world and Asia’s third-largest economy continues to be one of the most open in the world that offers investment-friendly and competitive business environment.
Consumer affairs minister Ram Vilas Paswan on Thursday said state governments have been directed to strictly enforce the provision that requires companies and e-commerce players to display the ‘country of origin’ on all products. The provision of declaration of ‘country of origin’ has been in place since January 2018 for all manufacturers, importers and e-commerce … Continue reading ‘Cos, e-tailers need to display country of origin’
BP will hold 49% and Reliance the remaining 51% in the new company called Jio-bp, which will expand Reliance’s current 1,400 retail sites up to 5,500 over the next five years, the pair said in a statement on Thursday after announcing the venture last August.
The US on Tuesday announced it was providing $1.6 billion in funding for the development and manufacture of a Covid-19 vaccine candidate produced by biotech firm Novavax, the largest amount awarded under Operation Warp Speed. The US also said it was providing $450 million to Regeneron for its experimental Covid-19 treatment and prophylaxis, a combination … Continue reading US awards $1.6 billion to Novavax for Covid-19 vaccine
A recent study has shown that East Asians (Chinese, Japanese, Koreans) are less likely than South Asians (Indians, Pakistanis, Bangladeshis) and whites to attain leadership roles in American organisations. The research focused on three key aspects — prejudice, motivation and assertiveness.
A change in definition of micro, small and medium enterprises (MSME) has turned India into a country of small businesses as nearly 99% of the entities now fall under the category based on the twin parameters of investment and turnover.
The Federal Trade Commission and the US Justice Department are looking into allegations that popular app TikTok failed to live up to a 2019 agreement aimed at protecting children’s privacy. US secretary of state Mike Pompeo said on Monday that the US is “certainly looking at” banning TikTok, suggesting it shared information with the Chinese … Continue reading ‘US probing TikTok’s child privacy allegations’
The country’s largest lender State Bank of India (SBI) on Wednesday said it has reduced its marginal cost of funds based lending rate (MCLR) by 5-10 basis points (bps) for shorter tenors from July 10.
Tata Motors on Wednesday said it has introduced financing scheme for Tiago, Nexon, and Altroz under which customers can avail six-month EMI holiday. Under the scheme, customers can now make zero down payment, avail a six-month EMI holiday (only interest needs to be serviced monthly) and access up to 100 per cent on-road funding for … Continue reading Tata Motors brings in 6-month EMI holiday scheme
Hiring activities up 33% in June: Report
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Hiring activities in June remained muted on a year-on-year basis, but registered an increase over the previous month amid nation-wide relaxations of coronavirus-induced lockdown norms. The Naukri JobSpeak Index for the month of June stood at 1,208, registering an improvement of 33 per cent compared to May when it was at 910.
A week after the Centre banned 59 Chinese apps, including TikTok, Instagram launched a new feature, Reels, in India, which will allow users to shoot and share short videos on the photo-sharing platform. Reels will be integrated into the Instagram app, and will allow users to make 15-second videos and add creative filters and music … Continue reading Instagram launches short-video sharing format Reels
Markets snapped five-day winning run on Wednesday with the benchmark BSE sensex falling over 300 points dragged by financial and IT stocks. The 30-share BSE index dropped 346 points or 0.94 per cent to close at 36,329. While, the broader NSE Nifty finished 94 points or 0.87 per cent lower at 10,706.
The Union Cabinet on Wednesday approved capital infusion of Rs 12,450 crore in three state-owned general insurance companies to strengthen their capital base and make them more stable. The National Insurance Company, Oriental Insurance Company and United Insurance Company will get the additional capital, information and broadcasting minister Prakash Javadekar told reporters after the cabinet … Continue reading Govt approves fund infusion in 3 insurance cos
Pharma major Cipla on Wednesday said it has launched its generic version of antiviral drug remdesivir at a price which is among the lowest globally and is looking to supply over 80,000 vials within the first month.
The ED on Wednesday said it has confiscated assets worth Rs 329.66 crore of diamond merchant Nirav Modi under the fugitive economic offenders law. The businessman and his uncle Mehul Choksi among others are being probed by the ED on money laundering charges in connection with an over $2 billion alleged bank fraud at a … Continue reading ED confiscates over Rs 329cr assets of Nirav Modi
SBI to invest Rs 1,760 crore in Yes Bank
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State Bank of India (SBI), country’s largest lender’s executive committee has approved a further investment of upto Rs 1,760 crore in public offering of Yes Bank, according to a regulatory filing.
Inflow into equity mutual funds slumped 95 per cent to a little over Rs 240 crore in June as investors pulled out from large-cap and multi-cap funds due to profit booking. This is the third consecutive monthly decline in inflow in equity mutual funds, data by the Association of Mutual Funds in India (Amfi) showed … Continue reading Equity mutual funds inflow tumbles 95% in June
E-commerce companies in India like Amazon.com’s local unit and Walmart’s Flipkart have begun to update their back-end systems to allow sellers to identify the country of origin on all new product listings on their platforms, sources aware of the matter said on Wednesday. The DPIIT wanted the changes to be implemented by the end of … Continue reading Eye on China: E-tailers marking ‘nation of origin’
State Bank of India is set to invest $100-150 million (Rs 750-1,000 crore) and leverage its YONO platform to set up a business-to-business (B2B) e-commerce marketplace for micro, small and medium enterprises (MSMEs). The country’s largest lender hopes this will also help it better manage financing of small businesses.
Sachin Shetty bought 3 tickets for a Mumbai-Mangalore nonstop flight for July 5. Four days before departure, the low cost carrier told him the flight was cancelled and his money money had been moved to a credit shell for later use. Passengers found they were sold tickets for flights not scheduled at all or were … Continue reading Airlines selling tickets for ghost flights?
Two years ago, RBI permitted People’s Bank of China to set shop in India. Two recent reports on Chinese investments in India have warned that several funds and investment companies, directly or indirectly influenced by Chinese govt, have been eyeing stakes in Indian companies strategically important to economy; these were not disclosed since they were … Continue reading China central bank buying stakes in Indian cos
Insurers ready Covid treatment rate list
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The General Insurance Council has come up with rates for hospitals and insurers for Covid-19 treatment after talks with states and health experts. All 32 general insurers will now follow up with private hospitals for using the council’s pricing for Covid-19 packages in a bid to end disputes over charges that are causing hardship to … Continue reading Insurers ready Covid treatment rate list
Infosys chartered a flight to bring back 76 employees and their families — a total of 206 people — from the US. These are employees whose visas have expired or are nearing expiry.
US Secretary of state Mike Pompeo said that the US is “certainly looking at” banning Chinese social media apps, including TikTok. Meanwhile, the short-video sharing platform said it will exit the Hong Kong market within days as other technology companies including Facebook Inc have suspended processing government requests for user data in the region.
United States’ immigration authority has announced that foreign students pursuing degrees in America will have to leave the country or risk deportation if their universities switch to online-only classes in this fall semester. The agency suggested that students currently enrolled in the US consider other measures, like transferring to schools with in-person instruction.
The finance ministry is swiftly implementing various schemes announced under the Rs 20.97 lakh crore Aatmanirbhar Bharat Abhiyan package which is going to have a multiplier effect on the Indian economy, minister of state for finance Anurag Singh Thakur said on Tuesday.
The Enforcement Directorate (ED) registered a money laundering case on Tuesday against GVK Group promoters along with others in connection with fraudulent transaction between Mumbai International Airport Ltd (MIAL) and other companies for the development of Mumbai airport. The ED will investigate the financial transaction between MIAL and other companies.
Union IT and telecom minister Ravi Shankar Prasad on Tuesday said India is an “important digital power” and will not compromise on its data sovereignty. The comments from the minister come days after the country blocked 59 Chinese apps on concerns around “sovereignty and security”. A day after that, Prasad had termed the move as … Continue reading India won’t compromise on data sovereignty: Prasad