Business

  • Flipkart Wholesale sees 3x jump in digital adoption among kiranas
    Bengaluru, June 14 (IANS): Flipkart Wholesale, the digital B2B marketplace of India's homegrown Flipkart Group, on Monday announced initiatives for strengthening of kiranas through enhancement in their in-app experience on the back of increased e-commerce adoption. Flipkart Wholesale, together with Best Price cash-and-carry business, serves over 1.5 million members across the country, which include kiranas, HoReCa (hotels, restaurants and cafeterias) and O&I (offices and ins
  • UK Chancellor in-laws hit with 5.5m pound bill in Amazon India tax dispute: Report
    New Delhi, June 14 (IANS): A joint venture between UK Chancellor Rishi Sunak's billionaire in-laws and the internet retailing giant Amazon is in a multimillion-pound dispute with the Indian tax authorities, a Guardian investigation has found. The disclosure adds to the list of legal battles currently involving the joint venture, following news on Friday that India's competition commission has been given permission to relaunch an investigation into Amazon. The Guardian rep
  • Fuel price hiked again; petrol nearing century mark across the country
    New Delhi, June 14 (IANS): Fuel prices were increased again across the country on Monday adding more misery for the common man already grappling with rising food prices amidst shrinking income. With the rise, petrol has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel hit and cross the Rs 100 per litre mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telang
  • Base effect: India's WPI inflation zooms to 12.94% in May
    NEW DELHI, JUNE 14 (IANS): Base effect, along with high transportation fuel cost, lifted India's annual rate of inflation based on wholesale prices to 12.94 per cent in May from a rise of 10.49 per cent in April. Significantly, this is the highest rate of WPI inflation in the current series. The previous high mark was observed in April. The monthly rate of inflation, in May 2020 stood at (-) 3.37 per cent. On sequential basis, the month over month change in WPI index for M
  • Fuel price hiked again; petrol nearing century mark across the country
    NEW DELHI, JUNE 14 (IANS): Fuel prices were increased again across the country on Monday adding more misery for the common man already grappling with rising food prices amidst shrinking income. With the rise, petrol has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel hit and cross the Rs 100 per litre mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana,
  • TATA AIA Life to bring in health & wellness products
    CHENNAI, JUNE 14 (IANS): Tata AIA Life Insurance Company Limited (Tata AIA Life) on Monday said it closed last fiscal with a 34 per cent growth in its total premium income. The life insurer also said as it completes 20 years of existence, it is poised to introduce Health and Wellness related products in the coming year, marking a new chapter in the history of the industry. In a statement, TATA AIA Life said it closed last year with a total premium income of Rs 11,105.09 crore up
  • FPIs invest Rs 15,520 cr in Indian equities in June
    MUMBAI, JUNE 13 (IANS): Foreign Portfolio Investors (FPI) have made a total net investment of Rs 15,520 crore in Indian equities so far in June. FPIs have made a comeback after pulling out investments for two consecutive months. In April and May, net selling by FPIs stood at Rs 9,659 crore and Rs 2,954 crore. The return of the foreign funds comes amid declining number of daily Covid-19 cases and robust Q4 earnings. Total net investment by FPIs in 2021 stands at Rs 58,649 crore
  • Retail investors can look forward to big IPOs raising Rs 1.12 lakh cr
    NEW DELHI, JUNE 13 (IANS): Retail investors will get a chance to participate in good quality IPOs as several important names including LIC are on the upcoming IPOs list to raise as much as Rs 1.12 lakh crore. According to market estimates, among the upcoming issues, insurance major, LIC is likely to launch a Rs 70,000-90,000 crore issue. The IPO list is dominated by financial services sector. Food delivery chain, Zomato will launch a Rs 8,250 crore IPO while private sector airlin
  • IPO-bound LIC warns against misuse of its iconic logo
    MUMBAI, JUNE 12 (IANS): The country's largest public sector insurer, Life Insurance Corporation of India (LIC) has issued a public warning over the unauthorized use or misuse of its iconic logo by anybody. According to its Twitter handle, the LIC has barred any websites, publishing houses or digital entities from publishing its logo without the prior permission. The 65-year-old LIC, which is soon going for its IPO, has warned stringent legal or civil action against any person
  • Scientists warn G7 economic costs of breaching 1.5-degree mark
    NEW DELHI, JUNE 12 (IANS): A group of world-leading climate scientists is calling upon global leaders to factor in the economic, environmental and humanitarian costs of failing to keep global warming below 1.5 degree Celsius this century, in a move led by experts from UCL, the University of Exeter and International Centre for Climate Change and Development (ICCCAD). As the leaders of seven of the world's wealthiest nations meet in Cornwall,UK, for the G7 summit, the scientists h
  • GST Council cuts tax on COVID-19 medicines, equipment
    New Delhi, June 12 (PTI): The GST Council on Saturday slashed the tax rate on COVID-19 medicines such as Remdesivir and equipment like oxygen concentrators and medical grade oxygen. While GST on Tocilizumab and Amphotericin B is slashed to nil from 5 per cent, the rate on Remdesivir and anti-coagulants like Heparin is lowered from 12 per cent to 5 per cent. Tax on medical grade oxygen, oxygen concentrators, ventilators, BiPAP machines and high flow nasal cannula (HFNC) devic
  • Double century in Sri Ganganagar: Petrol-diesel above Rs 100/l mark
    New Delhi, June 12 (IANS) Sri Ganganagar, a small city in northernmost part of Rajasthan near the India-Pakistan border has become the first city in the country where retail prices of both auto fuels -- petrol and diesel -- have crossed the century mark. The city already had the distinction of having the highest pump price of petrol across the country at Rs 107.23 a litre. With diesel prices now increasing there by another 25 paisa per litre on Saturday it reached Rs 100.06 a litre.
  • Jio launches 'Freedom Plans' with no daily limit for data usage
    New Delhi, June 11 (IANS): With a view to bring about more options in digital experiences, Reliance Jio has introduced 'Jio Freedom Plans', which include five new 'no daily data limit' prepaid schemes. The new prepaid plans come with 30-day cycle and multiple validity, unlike the earlier popular prepaid plans which came with 28-day cycle and multiple validity. These plans will offer 'uncapped-data and unlimited voice' with validity cycles of 15 days,
  • Crisil assigns 'highest' corporate governance rating to Bharti Airtel
    NEW DELHI, JUNE 11 (IANS): Bharti Airtel on Friday said that Crisil has assigned 'CRISIL GVC Level 1' grading to the company, which is the 'highest' level in terms of corporate governance practices. "We are pleased to inform you that CRISIL has assigned its 'CRISIL GVC Level 1' grading to the Company. The grading indicates that corporate governance practices and value creation at the Company for all its stakeholders are at the 'Highest' level,&qu
  • TVS Motor sold 9,601 mopeds in May
    CHENNAI, JUNE 11 (IANS): India's only moped manufacturer TVS Motor Company Ltd closed last month selling 9,601 units, the Society of Indian Automobile Manufacturers (SIAM) said on Friday. In a statement, the SIAM said that TVS Motor sold 9,601 units (domestic 7,135 units, exports 2,466 units) last month as compared to 13,326 units (domestic 13,088 units, exports 238 units) logged during May 2020. Cumulatively the company has produced 43,833 mopeds this fiscal and sold 37,354
  • Full recovery of Indian economy likely only by Q3FY22: Brickwork
    NEW DELHI, JUNE 11 (IANS): As the second wave of Covid-19 and the resultant lockdowns have severely impacted the livelihoods and the economy, a report by Brickwork Ratings said that in the current situation full recovery of the economy may become feasible only by the third quarter of the ongoing financial year. It noted that second wave of the coronavirus pandemic has completely shattered confidence and has put businesses at great risk and uncertainty. Although the declining numb
  • Tesla unveils Model S Plaid with new motor tech, faster charging
    San Francisco, June 11 (IANS): Elon Musk-owned electric vehicle company Tesla has officially unveiled the new Model S Plaid at a delivery event in Fremont. The Model S Plaid starts at $130,000 after a recent $10,000 price increase this week. The company is claiming 0-60 mph in 1.99 seconds, quarter-mile in 9.23 seconds, and a 200 mph top speed, The Verge reported on Friday. "To the best of our knowledge, this is the first time that there has been a production electric mot
  • Fuel prices rise again across the country; petrol costs Rs 102/ltr in Mumbai
    New Delhi, June 11 (IANS): The common man continues to face the heat from rising fuel prices as oil marketing companies once again decided to pass on the rise in global oil rates to consumers on Friday. Accordingly, retail price of petrol and diesel got dearer by 29 paisa per litre and 28 paisa per litre to touch new high of Rs 95.85 and Rs 86.75 per litre respectively in Delhi. In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29,
  • Nvidia to acquire autonomous vehicles' mapping startup DeepMap
    San Francisco, June 11 (IANS): Chip-maker Nvidia is acquiring DeepMap, a startup dedicated to building high-definition maps for autonomous vehicles (AV), for an undisclosed sum. DeepMap was founded five years ago by Wu and Mark Wheeler, veterans of Google, Apple and Baidu, among other companies. The US-based company has developed a high-definition mapping solution that has already been validated by the AV industry with a wide array of potential customers around the world, Nv
  • Apple hires ex-BMW exec Kranz for its electric car project
    San Francisco, June 11 (IANS): Apple has roped in a former BMW executive and the recently departed CEO and co-founder of EV startup Canoo, Ulrich Kranz, for its electric car project. Kranz will reportedly work on the Silicon Valley behemoth's electric car under Doug Field, the former Tesla executive who runs the day-to-day operations of the project, which is codenamed "Project Titan". According to The Verge, Kranz was one of the executives who helped launch BMW