New TikTok CEO is Chinese parent company ByteDance CFO Chew

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Reliance Industries March quarter net profit more than doubles

Reliance Industries on Friday reported more than doubling of its March quarter net profit to Rs 13,227 crore as improvement in petrochemical and consumer business countered continued weakness in refining business.

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IndusInd Bank Q4 net profit jumps over two-fold to Rs 876 cr

IndusInd Bank on Friday reported an over two-fold jump in standalone net profit at Rs 876 crore for the last quarter of the fiscal ended March 2021. The private sector lender had posted a net profit of Rs 301.84 crore in the corresponding quarter of 2019-20.

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Now rent a luxury car for Rs 6,999 per day in these cities: Rolls-Royce, Maserati & more!

Hype recently added 1,000 luxury cars to its fleet and with this, it now has 14,000+ vehicles with over 6,000 luxury and 8,000 premium cars.

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Retail inflation for industrial workers rises to 5.64% in March

Retail inflation for industrial workers rose to 5.64 per cent in March, mainly due to higher prices of certain food items and fuel including petrol and cooking gas.

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Lifesaving 1,400 km roadtrip of 24 hours to bring Oxygen for Covid-ridden friend!

While crossing three states, Devendra was stopped twice by the police in UP and Bihar. Here is why driving 1,400 km in 24 hours is not an easy task.

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Five cars under Rs 10 lakh that deserved better sales: Ford Figo, Toyota Yaris and more

These slow-selling cars also get higher discounts thereby making them a good buy if you factor in other things as well.

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Wipro raises guidance after completing Capco deal

Wipro raised its guidance for the first quarter, expecting to grow sequentially at 8-10%, up from 2-4% it forecast earlier this month, as it completed the acquisition of British technology and consultancy company Capco.

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Markets snap 4-day winning streak, sensex tanks 984 points; Nifty ends below 14,650

Equity indices snapped four straight sessions of gains on Friday as losses in banking stocks weighed on the indexes. The benchmark BSE sensex plunged 984 points or 1.98 per cent to close at 48,782; while the broader NSE Nifty moved 264 points or 1.77 per cent lower to settle at 14,631.

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Amfi slashes ARN registration, renewal fees for MF distributors

Mutual fund industry body Amfi on Friday said it has reduced the ARN (AMFI Registration Number) registration and renewal fees for most distributor types, including individual ones, by 50 per cent of the existing rates, effective from May 1.

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Help continues to pour in from Global Inc

As India fights the second wave of the pandemic, help is pouring in from around the globe. Goldman Sachs has pledged an additional $10 million (Rs 74 crore) commitment to support relief and recovery efforts in India.

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Scheduled international flight suspension extended till May-end

The government has extended suspension of scheduled international flights till May 31, 2021. However Vande Bharat Mission and scheduled flights under the travel bubbles India has so far created — which are currently not suspended by other countries — will continue and people eligible as per government norms can fly to and from India on them.

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Alibaba freezes executive pay rise amid China's big tech crackdown: Report

Chinese e-commerce giant Alibaba Group Holding has frozen pay raises for senior executives in 2021, and is instead giving junior staff bigger pay rises, sources said, in an effort to retain its main workforce amid a regulatory clampdown.

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Volkswagen reduces service cost for cars by 25 per cent to attract more customers to Taigun

By reducing the cost of genuine spare parts and servicing, Volkswagen aims to bring down the ownership cost of its vehicles. With these new initiatives, the company wants to attract more buyers to their product portfolio, especially the upcoming Taigun SUV.

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Vaccination for 50% people key to economy revival: Niti Aayog

Vaccination of at least half of the country’s population is key for the revival of the pandemic-hit economy, Rajiv Kumar, vice-chairman of government think tank NITI Aayog, said at a webinar organised by industry body MCCI. “We have the capability of vaccinating them in the next few months,” Kumar said.

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Insurers must tell hospitals about cleared claims in 1 hour

Insurance Regulator and Development Authority of India (Irdai) has told insurers to communicate their cashless approvals for Covid-19 claims within an hour of submission of the request by the hospital and ensure that patients get discharged soon.

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At $16.5 billion, Byju’s to be top desi startup

Edtech major Byju’s is set to be the most valued startup in India amid the pandemic, toppling SoftBank- and Alibaba-backed Paytm, which is valued at $16 billion. Byju’s is in advanced stages of talks to raise another $150-200 million from UBS Group, after which it is expected to be valued at around $16.5 billion, a person aware of the matter said.

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Tatas get CCI nod for $1.2 billion Bigbasket buy

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Gold demand rises 37% to 140 tonne in Jan-March 2021

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Companies shut plants, cut output to cope with fall in demand

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US economy accelerates in first quarter; jobless claims edge lower

Gross domestic product increased at a 6.4% annualized rate last quarter, the Commerce Department said on Thursday in its advance estimate of GDP for the first three months of the year. That was the second-fastest GDP growth pace since the third quarter of 2003 and followed a 4.3% rate in the fourth quarter.

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Majority in India support Covid jab certificate for international travel: Survey

Amid a raging second wave of the Covid-19 pandemic, a large number of Indians support requiring vaccine certificates for international travel as well as everyday activities such as accessing shops, restaurants and offices, a new survey showed on Thursday.

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Next up for Fed's Powell and the taper test: 'String' theory

The list of what will get Federal Reserve chair Jerome Powell to start thinking about cutting back on the central bank's support for the US economy is a short one: jobs, jobs and more jobs.

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Bajaj Auto Q4 net profit rises 15% to Rs 1,551 crore

Bajaj Auto on Thursday reported a 15 per cent rise in consolidated net profit to Rs 1,551 crore for the fourth quarter ended March 2021 on the back of robust sales across domestic and international markets.

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World to spend $157 billion on Covid-19 vaccines through 2025: Report

Total global spending on Covid-19 vaccines is projected to reach $157 billion by 2025, driven by mass vaccination programs underway and "booster shots" expected every two years, according to a report by US health data company IQVIA Holdings Inc released on Thursday.

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Hindustan Unilever reports 13% rise in Q4 net at Rs 2,190 cr

FMCG major Hindustan Unilever Ltd (HUL) on Thursday reported a 13 per cent increase in consolidated net profit at Rs 2,190 crore for the fourth quarter ended March 31, riding on strong volume growth.

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Amazon to raise pay for more than 5,00,000 workers

Amazon will increase pay between 50 cents to $3 an hour for more than half a million workers on its fulfillment, delivery and sorting teams, the US tech giant announced on Wednesday.

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Honda Civic 11th gen unveiled with fresh design, two petrol engines, new features

What the new Honda Civic gets is a suite of safety aids like adaptive cruise control, traffic jam assist, front and rear false start prevention, lane-keeping assist and low-speed braking control.

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Tatas deal to buy up to 64.3% stake in BigBasket gets CCI approval

Competition Commission of India has approved Tatas' proposal to acquire up to 64.3 per cent stake in BigBasket, a deal that will provide the diversified group a strong foothold in the fast-growing online grocery market.

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Byju's to become India's most-valuable startup after funding

Byju’s, India’s online education pioneer, is raising about $150 million from UBS Group AG at a valuation of about $16.5 billion, multiple people familiar with the deal said. The funding will make it India’s most-valuable startup.

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It's time to grow US eco from bottom and middle: Biden

President Joe Biden has said that it is time to grow the US economy from the bottom and the middle, asserting that America is in a competition with China and other countries to win the 21st century.

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'Global gold demand declines by 23% in Jan-Mar 2021'

Global gold demand dropped by 23 per cent during January-March quarter of this year to 815.7 tonne compared to the same period of 2020, mainly driven by outflows of gold-backed exchange-traded funds (ETFs) and low Central bank buying, according to a World Gold Council (WGC) report.

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Mahindra petrol engines: The development story, BS6 norms, challenges

Mahindra petrol powertrains are fortified for the future and a likely 48-volt architecture might be introduced with the upcoming Mahindra XUV700.

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Panchayats block soft drink, ice cream companies

Soft drink and ice cream companies that were beginning to cash in on improving rural sales have suddenly found themselves staring at a unique roadblock: Gram panchayats.

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ONGC flags 'critical' issues on recast

Days after the oil ministry sought a response to a plan to carve up ONGC’s functional sections into a separate company and sell stake in major producing fields, India's largest state-run explorer has said it is eyeing foreign partnerships for prospecting in unexplored basins but critical issues needed to be addressed before looking at changing the company’s structure.

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Sebi fines Jhunjhunwala company Aptech Rs 1 crore

Markets regulator Sebi on Wednesday penalised edtech company Aptech Rs 1 crore for non-disclosure of price sensitive information in a case dating back to mid-2016. The order relates to Aptech’s entry into the pre-school segment as a business venture and the company’s failure to impose a no-trading rule by its insiders when the negotiations were on.

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Cos shut ops to supply O2, provide bikes to medics fighting pandemic

As coronavirus infections rip through India, companies — both big and startups — are pitching in with everything from setting up makeshift hospitals to airlifting oxygen concentrators to making donations to procure medicines and ambulances.

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'Very, very pleased' with India growth story: Apple

After delivering strong March quarter results, Apple has said that the company is very pleased with its growth story in India, as iPhone sales, along with iPads and Macs, continue to rise in the country.

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Top mutual fund executives to get 20% of pay in units

Markets regulator Sebi on Wednesday said that each fund house should pay at least 20% of salary, perks, non-cash compensation net of income tax, NPS, PPF, etc, to their top executives in units of the mutual fund (MF) schemes they’re working for.

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Tatas see exits of senior executives amid corona storm

Group chairman emeritus Ratan Tata’s half-brother Noel Tata, who is MD at Tata International, will be relinquishing his executive responsibilities at the company this November when he turns 65. He, however, will continue as the non-executive chairman of Trent, Voltas and Tata Investment Corporation.

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Bad bank to get Rs 2 lakh crore of defaulting companies’ loans

The Indian Banks’ Association (IBA) has identified 102 corporate bad loans, totalling to Rs 2 lakh crore, where the amount outstanding in each is over Rs 500 crore. They include loans in a variety of industries.

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Reliance Industries to set up 1,000-bed Covid hospital in Jamnagar

Responding to chief minister Vijay Rupani's request, RIL chairman Mukesh Ambani has directed the company officials to build a 1,000-bed Covid-19 hospital with oxygen in Jamnagar, the state government said in a statement. Ambani has informed the chief minister that by the next Sunday, a 400-bed hospital with oxygen facility will be started by Reliance Industries in Jamnagar.

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Limited incentives unlikely to drive vehicle owners to go for scrappage: Crisil

Limited incentives and poor cost economics for trucks in the Vehicle Scrappage Policy, coupled with lack of addressable volumes for other segments is unlikely to drive freight transporters to replace their old vehicles with new ones, a report said on Wednesday.

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Industry steps up to combat India's coronavirus crisis

Global and Indian firms are flexing their industrial muscle to help the world's second biggest population battle coronavirus, coming to the rescue of a public health system buckling under the weight of surging infections and deaths.

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Honda to suspend three Japanese plants in May

Honda Motor Co will suspend three plants in Japan as many as six days in May due to a chip shortage, a spokesman said on Wednesday. Honda will suspend two plants in Saitama Prefecture for six days and its Suzuka plant in Mie Prefecture for five days, he said. The output cut was reported earlier by Kyodo.

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Sensex zooms 790 points to close at 49,734; Nifty settles above 14,850

Equity indices continued to surge for the third straight session on Wednesday helped by gains in banking and auto stocks. The benchmark BSE sensex jumped 790 points or 1.61 per cent to close at 49,734; while the broader NSE Nifty moved 212 points or 1.44 per cent higher to settle at 14,865.

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War-rooms and oxygen: India's IT companies scramble to handle Covid-19 surge

India's giant IT firms in Bengaluru and other cities have set up Covid-19 "war-rooms" as they scramble to source oxygen, medicine and hospital beds for infected workers and maintain backroom operations for the world's biggest financial firms.

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EU lawmakers clear post-Brexit trade deal with Britain

The European Parliament has voted overwhelmingly in favour of the post-Brexit trade deal between Britain and the European Union, clearing the last hurdle towards full ratification of the accord.

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'No plan to introduce income tax in Saudi Arabia'

Saudi Arabia's Crown Prince Mohammed bin Salman said in televised remarks on Tuesday that the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax to 15% was temporary.

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2021 Isuzu D-Max V-Cross BS6 specs leaked: Here’s how to get this lifestyle vehicle for free

It is likely that only existing owners will get an option to win the car as the contest conducted by the company requires one to click a photo/video with their V-Cross.

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Zomato files for Rs 8,250 crore IPO

Food delivery startup Zomato, backed by Ant Group, has filed for an initial public offering of up to Rs 8,250 crore ($1.11 billion), draft papers submitted to the market regulator showed on Wednesday.

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ADB projects India’s growth to rebound 11% in 2021-22

The Asian Development Bank (ADB) projects India’s gross domestic product (GDP) will rebound strongly by 11.0% in fiscal year (FY) 2021-22 ending on March 31, 2022, due to continued economic recovery boosted by increased public investment, vaccine rollout, and a surge in domestic demand. The forecast assumes that vaccines are deployed extensively across the country.

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White House considering intellectual property waiver for Covid-19 vaccines

The White House is considering options for maximizing global production and supply of Covid-19 vaccines at the lowest cost, including backing a proposed waiver of intellectual property rights, but no decision has been made, press secretary Jen Psaki said on Tuesday.

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American biz rallies to help India fight Covid-19

In a big show of solidarity, numerous American businesses have stepped up to join India’s fight against the unprecedented pandemic crisis. The US Chamber of Commerce and CEOs from over 40 companies have set up a US public-private partnership called Global Task Force on Pandemic Response: Mobilising for India, to provide India with critical medical supplies.

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Samsung's Lee family to pay $10.78 billion in inheritance taxes

The family of deceased Samsung Electronics chairman Lee Kun-hee said on Wednesday it will pay more than 12 trillion won ($10.78 billion) in inheritance taxes for the estate of the late patriarch.

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Zomato IPO: Info Edge to sell shares worth Rs 750cr

Info Edge, an early investor in Zomato, said it will sell shares worth Rs 750 crore in the upcoming initial public offering (IPO) of the online food ordering platform.

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‘We are able to sell whatever we produce’: Maruti chief Bhargava

As the country slips into lockdown and corona restrictions rise due to increasing cases of the spread of the deadly virus, Maruti Suzuki said on Tuesday that the company’s sales and production remain unaffected, and it is “able to sell whatever we produce.”

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