State Bank of India (SBI) chairman Dinesh Khara has said that, despite localised containment, the second wave of the pandemic will have an impact on the economy this year. The bank is meeting the challenges by increasing its focus on digital and maintaining momentum on stressed asset recovery.
Some 15 years after acquiring Eight O’clock, the fourth-largest coffee brand in the US, Tata Consumer Products is all set to launch it in India, said chairman N Chandrasekaran at the company’s 58th annual general meeting on Friday.
In a deal worth nearly $1 billion, online pharma startup PharmEasy is buying out leading pathology laboratory chain Thyrocare Technologies to bolster its e-commerce play. Under the contours of the deal, API Holdings, the parent of PharmEasy is acquiring a 66% stake in Thyrocare from its main promoter A Velumani and his family for Rs 4,550 crore.
Taking a tough stance on the governance of urban cooperative banks, the Reserve Bank of India (RBI) on Friday announced minimum qualifications and age limits for CEOs and whole-time directors of these banks as part of its ‘fit and proper’ criteria.
The National Company Law Tribunal (NCLT) on Friday published the written order approving Jalan Kalrock Consortium's resolution plan for grounded Jet Airways, and the approval is subject to certain directions.
The RBI extended the regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank by another six months till December 2021 to enable the completion of its takeover by Centrum Financial Services. Paving the way for takeover of the crisis-ridden bank, the RBI had earlier in the month granted in-principle approval to Centrum Financial Services to set up a small finance bank (SFB).
The government on Friday extended several deadlines for income tax compliances in wake of the Covid-19 pandemic.Deadline for mandatory linking of Aadhaar with PAN has been extended for a further period of three months till September 30. The Centre had already extended the deadline several times in the past as well in view of the challenges faced by the people due to coronavirus pandemic.
Among 100 Smart Cities, Surat and Indore have bagged the best award for their overall performance in 2020 and Uttar Pradesh won the state award. Madhya Pradesh and Tamil Nadu finished as the first and second runner up.
Around 10.41 lakh new members joined the ESIC-run social security scheme in April, official data showed on Friday, giving a perspective on formal sector employment in the country.
S&P Global Ratings on Friday said the Covid pandemic could worsen structural deficits and indebtedness of states, despite a likely rebound in the economy over the next 12-24 months.
Equity indices surged to record highs on Friday with the benchmark BSE sensex rising over 200 points led by gains in banking, metal and financial stocks. The 30-share BSE index rose 193 points or 0.37 per cent to close at fresh peak of 52,925; while the broader NSE Nifty settled 73 points or 0.46 per cent at record of 15,863.
Accenture's revenue grew 21% in its third quarter ended May to $13.3 billion, beating its guidance. The company was helped by robust growth in its healthcare, communications and financial services business.
After Alliance Air and Vistara, low cost carrier SpiceJet on Friday boarded the monsoon sale bandwagon with offers of `one way all-inclusive domestic sale fares starting from as low as Rs 999 for travel to select destinations such as Hyderabad-Belgaum, Belgaum-Hyderabad, Chennai-Hyderabad, Chennai-Bengaluru among others'.
Britain's competition regulator on Friday opened a formal investigation into Amazon and Alphabet Inc's Google over concerns the tech giants have not done enough to combat fake reviews on their sites.
UAE-based Indian businessman S P Singh Oberoi was pleasantly surprised to have the whole plane to himself when he boarded Air India's flight from Amritsar to Dubai with an economy-class ticket in hand.
US IT services company DXC Technology, which has a big presence in India, has said it will regularise its salary review process and increase hiring this year.
India has once again urged Opec and its allies to revive halted oil production as the world’s third-biggest consumer expressed “deep concern” over spiraling energy prices.
Amid growing chatter of a fresh stimulus, the government is set to scale up the Emergency Credit-Linked Guarantee Scheme (ECLGS) to Rs 5 lakh crore, from the current Rs 3 lakh crore, while expanding its scope to include hospitals.
Twitter has rolled out the Tip Jar feature in India through payment gateway RazorPay. The feature allows users to send and receive money (tips). “By integrating Razorpay, we are hoping to provide people in India with a simple and secure way to send money as a token of appreciation or as a gift,” Twitter said. Twitter takes no cut.
Reliance Industries chairman Mukesh Ambani on Thursday unveiled ambitious plans for his digital and telecom empire, deepening his company’s ties with tech behemoths Google, Facebook and Microsoft.
Adani Group's Australian mining division Bravus Mining & Resources has struck coal in the much controversial Charmichael project in Queensland. Bravus Mining and Resources CEO David Boshoff noted that it was an exciting day for the over 2,600 people on the Project; a day that has been in the making for over a decade.
Oil minister Dharmendra Pradhan on Thursday conveyed to Opec India’s concern over rising crude prices which are hurting economic recovery by creating inflationary pressure by sending fuel prices soaring. At a meeting with Opec secretary-general Mohammed Sanusi Barkindo, Pradhan reiterated his request for phasing out production cuts imposed by Opec and its ally Russia.
The Centre will closely monitor Covid-19 infection data for 6 weeks to chart the path it needs to walk for economic intervention, rather than making announcements based on projections of the third wave of the pandemic, principal economic advisor, Sanjeev Sanyal said amid criticism of the govt for its alleged poor planning causing hardship to the people and the economy.
Notwithstanding incremental credit growth plunging to a 59-year low at 5.56 per cent in FY21, the bank credit-to-GDP ratio rose to a five-year high of a little over 56 per cent in 2020, but way behind its peers and just half of the G20 average, according to the latest data from the Bank for International Settlements (BIS).
Reliance Industries chairman Mukesh Ambani on Thursday announced a series of new initiatives that the company is slated to undertake in its vision of achieving three-fold higher growth in the next five years. Addressing the company's 44th annual general meeting (AGM) virtually, Ambani said that RIL raised a record Rs 3.24 lakh crore in capital from stake sale in units, rights issue and asset monetisation.
The Karnataka high court on Thursday granted interim relief to Twitter India managing director Manish Maheshwari in connection with Ghaziabad assault video that surfaced on social media few days back. The HC also directed Ghaziabad police that no coercive action will be taken against him. Maheshwari appeared before the Karnataka high court after a petition notice was issued by the Ghaziabad police, in a probe related to the assault of an elderly man.
Equity indices jumped on Thursday with the benchmark BSE sensex rising nearly 400 points led by gains in IT and banking stocks. The 30-share BSE index surged 393 points or 0.75 per cent to close at 52,699; while the broader NSE Nifty moved 104 points or 0.66 per cent higher to settle at 15,790.
Billionaire Mukesh Ambani on Thursday announced a Rs 75,000 crore investment in setting up four 'Giga' factories to make solar photovoltaic cells, green hydrogen, batteries and fuel cells over the next three years.
Alphabet Inc's Google is forging a cloud partnership with Reliance Jio Infocomm Ltd, helping the country's biggest wireless carrier with tech solutions for its enterprise and consumer offerings as it plans to launch 5G services.
Reliance Industries Ltd said on Thursday Saudi Aramco chairman Yasir Al-Rumayyan will join the Indian conglomerate's board. Reliance had announced a sale of a 20% stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco, the world's top oil exporting firm.
S&P Global Ratings on Thursday revised its GDP growth forecast for India to 9.5 per cent for the fiscal year ending March 31, 2022 due to a severe Covid-19 pandemic wave.
Wipro founder Azim Premji said the pandemic has made people realise the importance of public systems, not just in healthcare but also a system that emphasises social security, data collection and scientific research.
Calling on people to be "vocal for local toys", Prime Minister Narendra Modi on Thursday said about 80 per cent of the toys were being imported by India with crores of rupees going abroad and asserted that it was very important to change this situation.
Digital payments and financial services firm Paytm has extended the deadline for shareholders, employees and former employees to submit their documents by June 30, if they wish to sell their shares in the planned initial public offering of the company.
Twitter India's managing director Manish Maheshwari is expected to appear in person before the Ghaziabad Police on Thursday in connection with a probe related to the assault of an elderly Muslim man here recently, officials said.
Vistara on Thursday announced a 48-hour sale on all classes of its flights for travel between August 1 and October 12. The airline -- which runs flights in economy, premium economy and business class configurations -- said in a press release that the sale would end on 11:59 PM on Friday.
The share of Middle Eastern crude in India's oil imports fell to a 25-month low in May, tanker data provided by trade sources showed, as refiners tapped alternatives in response to the government's call to diversify supplies.
Amid growing competition from countries such as the Philippines, Mexico, Malaysia and Canada, the government has decided to unshackle the multi-billion-dollar Indian BPO industry, removing the need for a plethora of regulatory approvals and compliances.
To cement India's position as a preferred global outsourcing hub, the government on Wednesday liberalised guidelines for voice-based BPOs removing the distinction between domestic and international units, permitting interconnectivity between all types of OSP centres, reducing compliance burden and increasing operational flexibility for players.
The owners and insurers of the giant container ship that blocked the Suez Canal for nearly a week earlier this year have reached an agreement in principle over their dispute with canal authorities, representatives from both sides said on Wednesday. Stann Marine, the lawyers representing the vessel's owners and insurers, and a spokeswoman for the Suez Canal Authority confirmed.
Moody's Investors Service on Wednesday slashed India's growth projection to 9.6 per cent for 2021 calendar year from its earlier estimate of 13.9 per cent, and said faster Covid vaccination will be paramount in restricting economic losses to June quarter.
Billionaire investor Warren Buffett said on Wednesday he was resigning from his position as trustee of the Bill and Melinda Gates Foundation (BMG), one of the world's largest private charitable organisations. Bill Gates and his wife Melinda, co-founders of the foundation, filed for divorce in May after 27 years of marriage but pledged to continue their philanthropic work together.
A UK high court on Wednesday rejected fugitive diamond merchant Nirav Modi's application to appeal against his extradition to India. Nirav Modi, accused of defrauding PNB of more than $1 billion (Rs 14K cr), had lodged an appeal in the London high court last month. On April 15, 2021, UK home secretary Priti Patel had ordered the 50-year-old diamantaire be extradited to India.
Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee.
Kotak Mahindra Bank has introduced a ‘Pay Your Contact’ feature on its mobile banking app that allows customers to send money or make payments to any of their contacts across all payment apps simply by entering the beneficiary’s mobile number.
State Bank of India (SBI) led a consortium of banks that sold Vijay Mallya’s shares worth Rs 5,825 crore in United Breweries (UB) group to Heineken company on Wednesday and recovered around 70% of their Rs 9,900 crore defrauded loan money.
The Delhi high court on Wednesday refused to stay the notice dated June 4, 2021, to WhatsApp by the director-general of Competition Commission of India (CCI).
The share of the wealth held by the richest 1% in nations including the US, China, Brazil and India jumped in the fallout from the pandemic, fueled by efforts to curb the effects of the virus, according to Credit Suisse Group AG.