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Business news

I'm a sceptic of Indian government's demonetisation move: Michael Every

Outcome of the US Federal Reserve's meeting and the possibility of Britain triggering off 'Brexit' proceedings at the European Council summit are the two key global events market watchers are eyeing in March. Back home, the outcome of the assembly elections holds key. Hong Kong - based MICHAEL EVERY, head of financial markets research for Asia-Pacific at Rabobank International tells Puneet Wadhwa that he expects the US central bank to hike rates only once this year. Edited excerpts:A number of experts suggest that the US Federal Reserve (US Fed) could hike rates in March. What's your view?It is unlikely that the US Fed will hike rates in March. The US Fed talks a lot, but acts too little. The minutes of the Federal Open Market Committee (FOMC) meeting in December revealed how dependent the US Fed's rate outlook has become on the timing and impact of the economic policies of the Trump administration. We currently expect one hike at the end of the year, though that is obviously ...

February 22nd, 2017 03:40

NSEL case: Sebi likely to take action against brokers soon

The Securities and Exchange Board of India (Sebi) will soon decide action against five brokerages, whose clients lost significant amounts of money in the Rs 5,574-crore National Spot Exchange Ltd (NSEL) scam.The brokerages include Anand Rathi Commodities, Motilal Oswal Commodities, India Infoline Commodities, Geofin Comtrade and Phillip Commodities.However, regulator has ruled out action against the NSEL under collective investment scheme (CIS) regulation. It said that spot exchange trading model should not be equated as any illegal ponzi or CIS scheme. Market regulator has apprised its board member of its stand in February 11 board meeting held in New Delhi.According to Sebi, an internal committee has been constituted to examine the role of brokers in the matter. Subsequently, Sebi had appointed auditors to conduct audit of book of account brokers whose name have appeared in the interim report of Mumbai police's Economic Offence Wing (EOW).Based on the report, Sebi had initiated ...

February 21st, 2017 13:10

Honda Cars to be Maruti's neighbour in Gujarat

Ahmedabad, 21 February Japanese auto giant Honda Cars India Ltd, which was in talks in Gujarat government since mid-2014 for setting up a plant in this upcoming auto hub, is now actively acquiring land for its third plant in the country in Vithalapur, near Ahmedabad. The company, however, maintained that this is part of its longterm India plan and nothing immediate.Business Standard had first reported that following its group company Honda Motorcycle and Scooter India (HMSI), the carmajor was in active talks with state government here to set up a facility. This would also be Honda Cars first plant in India which would have proximity to ports, and thereby a potential to export out of the site. The company is buying land from locals and therefore the process is a time consuming one. The location of the site is strategic as it near the upcoming plant of Suzuki Motor Corporation's plant, and is also about 40 odd kms from Sanand, the flagship auto cluster of Gujarat which houses Tata ...

February 21st, 2017 12:46

Wow Momo readies for international foray, plans 10-fold top line increase

Setting an ambitious target to earn Rs. 500 crore revenue in the coming five years, Kolkata based QSR (quick service restaurant) start-up Wow Momo, which aims to become a global brand from India, is readying plans for an international foray.For the fiscal year ended March 31, 2016, the company registered a Rs. 50 crore turnover.Although primarily a QSR start-up selling fresh momo and other products from its outlets, the company isn't planning to open restaurants in international markets in the very year of the global foray. Instead, it is working upon a new product category - frozen momo - which it plans to sell in USA, Europe and Middle East.Once rolled out, the frozen momo food category is expected to contribute 20 per cent to its topline."Globally, the trend has shifted from junk foods to healthy foods and our product category is one which matches this global trend", Sagar Daryani, the start-ups co-founder and CEO said, adding that momos in the international market will be an ...

February 21st, 2017 12:29

India Ratings maintains negative outlook on infra sector in FY-18

BS ReporterHyderabad, 21 February: Fitch Group's India Ratings and Research agency has maintained a negative outlook on the infrastructure sector for the financial year 2017-18 with varied outlooks on the individual sectors.Toll roads, thermal and wind power continued to pull the overall sector outlook down with rating agency predicting a further 2 percent fall in plant load factor of thermal power capacity. Also it sees absence of capacity addition in wind power capacity going forward, owing to the grid parity in pricing being achieved by the solar sector and the surplus power situation in major states.The rating agency on Tuesday released a special report with its outlook on infrastructure and project finance for the next financial year. Among the individual sectors the negative rating was continued for the third consecutive year for toll roads, thermal power while the outlook for wind energy turned negative from a stable rating in the last two years. The rating agency has changed ..

February 21st, 2017 11:30

Demonetisation will haunt diamond demand in 2017: De Beers

De Beers see India's demonitisation haunting diamond demandDe Beers, world's top diamond mining group, now 85 per cent owned by Anglo American has said today that India's demonitisation along with US administration policies and strengthening US Dollar will haunt diamond market outlook in 2017.The mining jiant declared its annual results today for 2016 in which it has cut production by 5% to 27.3 million carats and rough diamond prices decreased 10% on an average to $187/carat, However sales and profit has seen a sharp increase. However total revenue increased by 30% to $6.1 billion driven by higher rough diamond sales, which increased by 37% to $5.6 billion.After declaring results for 2016, world's largest diamond mining group said that, "diamond jewellery demand growth sustained in 2016 which is a large market but In India, a month-long jewellers' strike in March and the government's surprise demonetisation programme which started in November, had a considerable negative impact on ...

February 21st, 2017 10:28

Prakash Industries to demerge PVC business into separate entity

Steel and PVC (polyvinyl chloride) pipe manufacturer Prakash Industries is planning to demerge its business to grow independently with their focused vision, strategies and operations.Under the scheme of demerger, the company would demerge PVC pipe business into a separate entity with focused vision in growth, the company said in a BSE filing.PVC pipe business contributes nearly 10 per cent to the company's total income. Of the total income from operations posted at Rs 520.70 crore for the quarter ended December 31, 2016, Prakash Industries reported Rs 55.66 crore contribution from PVC pipe segment. Steel and power segments, however, contributed the rest."The demerger will not only enable both the businesses to grow independently with their focused vision, strategies and operations, but also contribute significantly towards unlocking the potential value of the business for the shareholders," the company said in a statement.A more pure play company, having a singular business is also ...

February 21st, 2017 09:51

Govt thrust on rural infra to fuel kitchenware sales: TTK

TTK Prestige, a leading kitchen and electric appliance maker in India, expects see a huge opportunity in rural market this year as the thrust towards infrastructure would mean more houses with kitchens that need appliances.. "People in rural areas will be the ones with the disposable income. The Rabi crops have had a great yield. The growth rate has also been revised. This will all lead to a better rural growth for us, " said Chandru Karlo, Managing Director at TTK Prestige in an interview. "Rural is big this year"Karlo says with the announcement of the various schemes in the infrastructure sector, there will be new homes in the rural areas leading to more kitchens which would work in the favour of the company. In the last quarter, in the month of November the company saw the sales go down by 35 per cent due to demonetisation. "While Diwali was over in October, the next two months are huge for us mainly because it is the wedding season specially in the North. We lost a lot in that, ...

February 21st, 2017 08:50

Note ban in India has led to Rs 100-cr loss of sales in Dec quarter: Nestle

Various macro economic and political factors are unsettling companies. Where does the India business stand for Nestle?Global macro economic conditions are going to remain volatile and Nestle is preparing for that. The whole globalisation paradigm is under question. How these factors affect organisations is still to be seen. Earlier, Asian counties like Turkey and Indonesia were growing very fast for us; that has come down over time. Demonetisation in India has led to Rs 100 crore loss of sales for us in the December quarter. But, India continues to remain our focus and we expect it will drive growth for Nestle in the coming years. The message we get from the global leadership is, growth with efficiency and (better management of) cost is going to be the way forward.Growth in India has been missing for you for the past four-five years. How do you plan to address that?First, value equations that can offset the downside risk of losing volumes will be a key area. For example, in infant ...

February 20th, 2017 19:31

UP sugar mills owe Rs 5,795 cr to cane farmers despite lucrative prices

Sugarcane payment arrears to farmers in Uttar Pradesh were Rs 5,795 crore till last Friday, despite a good price this time -- meaning the fruit of a good year for the sector doesn't necessarily go to many growers.The ongoing 2016-17 sugar season started on October 1 (it goes on till end-September). Of the Rs 5,795 crore of UP cane dues, those in the corporate sector were 92 per cent of this, at Rs 5,320 crore. About 55 per cent of all dues are owed by only four companies.Farmers are supposed to be paid for their cane within 14 days. After this, it comes under the category of dues. So far this season, Rs 16,894 crore was payable in UP; till last week, Rs 11,098 crore or 66 per cent has been. The state has 116 mills in operation -- 91 in the private sector, 24 in the cooperative sector and one of the state sugar entity.In the country as on February 1, mills owed farmers Rs 9,649 crore. After UP, another Rs 910 crore is owed in Karnataka, Rs 455 crore in Gujarat, Rs 400 crore in Tamil ..

February 20th, 2017 14:24

Despite demonetisation, Indian consumers remained confident in Q4: Nielsen

For the second quarter in a row, India's consumer confidence index remained high, topping the global list of countries on the same parameter, market research agency Nielsen said today. Data released by the agency shows that India's consumer confidence index for the fourth quarter of calendar year 2016 was 136, three points ahead of the score it achieved in the third quarter of 2016.The increase in consumer confidence, said Nielsen, came at a time when the Government of India announced a ban on high-value notes, covered during the agency's survey period, stretching from October 31 to November 18, 2016. Over 30,000 online respondents from 63 countries were polled as part of the survey, the agency said.Prasun Basu, president, Nielsen, South Asia, said the increase in confidence reflected that consumer sentiment remained strong despite demonetisation. "While the ban on high-value notes created short-term constraints for consumers, the long-term outlook is bullish," Basu said.Some of the ..

February 20th, 2017 14:08

Ambuja's Q4 net up 60% due to lower taxes and energy costs

Ambuja Cements, part of the world's cement giant LafargeHolcim, has posted a rise of 60 per cent in its net profit for the quarter ended December, 2016 to Rs 160 crore compared with Rs 110 crore in the corresponding previous quarter. Higher profitability was on the back of lower tax charges and lower operating costs due to significant reduction in energy costs of 9 per cent. Ambuja increased usage of pet coke during the October-December quarter to 65 per cent against 50 per cent in the previous year.The company could not eschew the impact of demonetisation. It's net sales dipped 6.75 per cent to Rs 2,197 crore during the quarter against Rs 2,356 crore in the previous corresponding quarter. Further, the company could sell only 5 million tonnes of cement during the quarter - a decline of 8.75 per cent."The short term decline in sales was mainly felt in the last quarter when volumes were down by 9 per cent as a result of cash shortages in the trade segment where Ambuja has a significant .

February 20th, 2017 13:50

Panaya deal is clean, I'm being victimised for improving Infosys: Sikka

Infosys chief executive Vishal Sikka reached out to employees on Monday claiming that there were "no wrongdoings" in the acquisition of Israeli software firm Panaya and the company would defend the allegations made targeting employees and him, to the point of harassment.Since the Infosys founders led by N R Narayana Murthy early this month raised red flags over the severance pay to former chief financial officer Rajiv Bansal saying that the company violated corporate governance norms. While Murthy and the Infosys board have called a truce of not discussing issues in public, the Infosys founder has maintained that his concerns remain.Sikka for the third time reached out to his employees, after fresh allegations were made on illegalities in Panaya acquisition, which Bansal had opposed. Sikka, the first non founder CEO at Infosys, maintained that he was being targeted because he is bringing change to Infosys and pointed that these distractions were expensive, draining and ...

February 20th, 2017 13:48

Without reskilling, artificial intelligence will impact jobs, warns Nadella

Microsoft chief executive Satya Nadella has warned that embracing artificial intelligence without reskilling people would have an impact on jobs, even as it has shown efficiency in delivery of services by the government in India."I think it is an exciting future, but at the same time you have to be very mindful of the impact of AI on jobs. That's why I want to make sure in my case some of the skilling work we are doing even in India are going to help people," said Nadella at an interaction with the architect of Aadhaar Nandan Nilekani.Nadella's comments comes in the wake of Microsoft founder Bill Gates, who has called for levying taxes on robots that take away jobs of people and even advocated slow down the speed of automation. He also pointed that in countries such as India, Microsoft has been able to use artificial intelligence to improve efficiency in government services in states such as Punjab and Andhra Pradesh. The Indian-born CEO of Microsoft is on a three-day visit to pitch ..

February 20th, 2017 13:29

Uber's partnership with Reliance Jio means more competition for Paytm

India's largest digital wallet Paytm will face competition from Reliance Jio Infocomm for making payments on ride hailing platform Uber, its largest merchant partner in the country.Uber and Reliance Jio announced the signing of a strategic partnership on Monday that would allow users of the San Francisco-based services to pay for rides using Jio Money. In addition to this, users of Jio Money will have the option of booking a ride on Uber from within the app."Digital payments have become part of our everyday lives and by integrating JioMoney as a payment option, our riders will have the ability to use a familiar and consistent payment experience," said Madhu Kannan, Chief Business Officer for India and Emerging Markets at Uber, in a statement.The agreement to accept Jio Money as a payment option on Uber is just the start of collaborations between the two firms. The two companies are working to integrate several of their services that could include digital content, entertainment and ...

February 20th, 2017 13:03

New India Assurance sees its global premium growing to Rs 25,000 cr in FY18

New India Assurance Co Ltd is targeting its global premium to go up to Rs 25,000 crore in 2017-18, anticipating the year could offer better growth. The company said that it is also looking at increasing its exports from the current 18 per cent of the business to 25 per cent in next five years.G Srinivasan, chairman cum managing director of the company said that the company is well in tune with its plans to reach a global premium of Rs 21,000 crore by the end of the current fiscal year, and its Initial Public Offering (IPO) is expected to be ready in six to eight months."We are expecting the global premium for the year to be around Rs 25,000 crore in 2017-18," said Srinivasan. Process for the proposed IPO has been started and the company expects that going public, which as per the direction of the government, would increase the profile and branding of the company.He added that currently 18 per cent of its business comes from overseas and the company is targeting to increase it to 25 ...

February 20th, 2017 12:30

Tea Board plans Jebel Ali-style integrated park near Dhamra port

Tea Board India might set up an 'integrated tea park' close to the Dhmara port in north Odisha. This is proposed as an export-oriented unit, with facilities for warehousing, packaging, blending, testing and allied activities.The Board was keen to locate this in the eastern region and has found Dhamra an appropriate site. A letter asking for the land "on or near the port" has been sent by Priyanka Basu Ingty, secretary, Tea Board, to L N Gupta, principal secretary of the Odisha government for small and medium enterprises.The proposed park is to be modelled on the DMCC Tea Centre at the Jebel Ali Free Zone, Dubai. The aim is to promote India as an investment destination and manufacturing hub for tea, attracting global brands here and meeting their warehousing, blending, packaging and labelling requirements. The minimum area needed for the tea park is 0.5 million sq ft."We have received proposals from the Government of India for development of a tea park in Dhamra and a spices park in .

February 20th, 2017 12:20

Demonetisation lowers sales, raises textile inventories in Q3

After a strong start this festive season, textiles and apparel manufacturers and retailers witnessed a sharp contraction in demand due to liquidity crisis post demonetization of high value currency notes in November 2016.If the latest study by Edelweiss Securities has to be believed, India's No 1 pure fashion and lifestyle company - Aditya Birla Fashion and Retail (ABFRL) - has lost Rs 100 crore in sales across all its textile business verticals due to demonetization. ABFRL - the producer of India's most admired apparel brands i.e. Louis Philippe, Van Heusen, Allen Solly, Peter England and Pantaloons - has posted 4.8 per cent growth in revenue (yoy) and 8.8 per cent dip in EBIDTA. "ABFRL saw strong start to festive season till first week of November 2017, post which growth trajectory was largely impacted by demonetisation. Wholesale channel has largely reverted back to normal in Q4FY17 and up-stocking should start in Q1FY18, resulting in better growth. The company has reduced working .

February 20th, 2017 11:30

Sensex settles 193 points higher after TCS approves buyback

Broader markets mirroed the gains in headline indices with BSE Midcap and BSE Smallcap indices settling the day 0.7% and 0.9% higher

February 20th, 2017 10:11

Sensex opens lower, Nifty holds above 8,800; broader markets outperform

Brokerage Angel Broking continues to remain upbeat on the market and expects the Nifty to gradually move towards the all-time high

February 20th, 2017 04:38

Foreign investors pay top dollar for HDFC Bank

Share jumps 9.5% after RBI lifts FII ban, then retreats as it again hits investment ceiling; lender pips RIL to become second-most valued firm

February 17th, 2017 19:50

Online firms bet on regional languages to penetrate into smaller cities

Hyderabad, 17 FebruaryIn order to build a wider customer base, app-based companies are focusing on tier 2 and tier 3 cities in India. They are adding more partners and new features on their platform to attract new users to further increase the overall volume of the business.Hyderabad-based bus ticketing portal Abhibus had associated with 15 state road transport corporations, apart from 2,000 private bus operators in all cities of the country. To gain huge customer base in the rural areas, the company is planning to launch bus ticket booking over phone in a couple of months. Sudhakar Reddy, Founder and CEO, Abhibus said, "A user can simply call to reserve a bus ticket for six hours. The ticket fare can be paid at a nearest outlet. We have tied up with 1.5 lakh retail outlets all over the country to issue the tickets under this platform. Our three call centres at Hyderabad, Bengaluru and Pune offer customer service in all regional languages." "This is the first of its kind initiative ...

February 17th, 2017 04:20

RAL's JV with Dassault Aviation sealed

Eric Trappier, chairman of Dassault Aviation France, will be the chairman, and Anil Ambani, chairman of Reliance Group, will be the co-chairman of DRAL

February 16th, 2017 19:35

Making driving more personalised: Tata Motors, Microsoft ink tech deal

The first vehicle showcasing the vision of the enhanced driving experiences will be unveiled at the Geneva International Motor show

February 16th, 2017 08:20

Mukesh Ambani explains how Trump could be a blessing for Indian IT

As US president Donald Trump keeps the world on tenterhooks with his protectionist ways that can have a debilitating impact on the Indian IT sector, RIL Chairman Mukesh Ambani today advised the industry to look at it as a blessing in disguise to focus on home market. "Trump can actually be a blessing in disguise. The domestic IT industry can focus on solving problems right here, which is a huge market," Ambani told the three-day Nasscom leadership forum that opened here today. Incidentally, the comments from Ambani who has spent over Rs 1.2 trillion in his new telecom venture Reliance Jio, come on the same Nasscom platform that delayed its customary annual growth projection to May as the industry awaits clarity on Trump's plans to more than double the minimum salary for H1-B visa-holders and massively curb visa issuance to techies. The problem is that the USD 155-billion domestic IT industry nets over 65 per cent of its revenues from the US. Nasscom again lowered its revenue ..

February 16th, 2017 03:59

Vedanta Q3 PAT jumps over four-fold to Rs 1,866 crore

Anil Agarwal-led Vedanta Ltd today reported a lower-than-expected consolidated net profit of Rs 1,866 crore in the December quarter mainly on the back of higher net sales. The reported bottomline, however, was a more than four-fold jump from Rs 411 crore in same period last year as it hit the highest level in eight quarters.Net sales of the company stood at Rs 20,296 crore in the period under review, up 30 percent from the corresponding period last year as performance of all its businesses remained upbeat. As per Bloombergy estimates, Vendanta's topline was seen at Rs 19,393 crore in the quarter gone by, while its net profit was expected at Rs 1,990 crore.The company's EBITDA jumped 83 percent on a year-on-year basis to Rs 6,002 crore in the period under review on account of higher commodity prices and increased volumes at iron ore due to recommencement of operations, ramp up of volumes and cost efficiencies at the aluminium and power business along with decline in discount to Brent ..

February 14th, 2017 10:30

Time to merge in media & entertainment space

The total investment in this industry plummeted to Rs 1,547.7 cr or just 1% of all private equity & other investment deals in 2016

February 13th, 2017 19:00

NCLT begins hearing on maintainability of Mistry firms' pleas

The National Company Law Tribunal today began hearing on maintainability of petitions filed by two firms controlled by Cyrus Mistry's family against his ouster from Tata Sons, the holding company of Tata Group. Tata Sons opposed the petitions filed by Cyrus Mistry Investment and Sterling Investment Corporation, saying as per a Supreme Court order on Companies Act, the petitioners could not seek a relief against alleged violation of their rights as 'minority shareholders'. Mistry's counsel said the issue called for "fresh interpretation of provisions of the new Companies Act", and therefore the petitions were maintainable. Last December, the two Mistry firms challenged before NCLT Cyrus Mistry's unceremonious removal by Tata Sons as its chairman and also as a director of its board on October 24. The NCLT bench of BSV Prakash Kumar and V Nallasenapathy allowed both the parties to argue on the maintainability and waiver applications. The waiver plea by two Mistry firms seeks a ...

February 13th, 2017 16:27

Infosys chairman Seshasayee must quit for lapses: Former CFO

The Infosys Chairman must quit taking responsibility for the lapses in corporate governance and an interim chairman should address the concerns of shareholders, the software company's former chief financial officer (CFO) said on Friday.

February 10th, 2017 09:25

Infosys backs CEO Sikka, downplays governance concerns

In its first detailed statement about the various concerns raised by its founders, Infosys said on Thursday it was on a path to transformation under Sikka's leadership.

February 10th, 2017 04:20

Coffee Day Enterprises up over 5% post Q3 results

The stock rallied 7% to Rs 218 after the company reported profit of Rs 12 crore in Q3FY17 against Rs 5 crore in the year ago quarter.

February 9th, 2017 06:26

Future Group stocks in focus; Future Retail hits 52-week high

Future Enterprises, Future Market Networks, Future Retail, Future Lifestyle and Future Consumer were up over 3% in intra-day trade.

February 8th, 2017 07:30

Silicon Valley's Tesla mulls India entry this summer

Silicon Valley-based electric car maker Tesla is mulling an entry into the Indian market sometime this summer, a little over a year after the company began taking orders for its upcoming Model 3 sedan from customers in the country."Hoping for summer this year," replied Elon Musk, CEO of Tesla, to a query on microblogging site Twitter about when the company planned to come to India.Tesla began taking orders for its $35,000 Model 3 sedan, which is expected to go into production in late 2017, from Indian customers in April last year. The car is expected to become available in the country sometime in 2018 as Tesla plans a staggered launch globally, starting with the US and bringing it to right-hand drive markets later.Musk's recent Tweet was however devoid of other details such as whether the company would bring its $85,000 plus Model S and Model X offerings to India before the Model 3 goes on sale. In January, Tesla announced that it had sold 76,230 cars in 2016, narrowly missing its ...

February 8th, 2017 06:25

Fashion e-commerce player Voonik looks to turn profitable by year end

Sequoia Capital backed fashion e-commerce portal Voonik says it is looking to turn profitable by 2017 end as it looks at cutting costs, improving efficiency and engaging customers to return to shop on the platform. Voonik, which looks to offer personalised selection of apparel for customers, lags behind market leader Myntra and Jabong combine, has focused on improving user experience and delivery to customers. At the same time, it also has expanded the number of sellers on its platform to offer more choices to young customers who look at every day fashion."Our burn has come down by half due to a combination of marketing efficiency, break even on each customer as well as reduction in fixed cost. We have reduced our tech cost by 50 per cent this helped us reduced the burn rate which at the peak in June-July was at Rs 10 crore to Rs 11 crore and now it has come down to Rs 4.5 crore, "said Sujayath Ali, co-founder of Voonik. In June last year Voonik raised $20 million from Sequoia ...

February 7th, 2017 10:05

Tata will be back with start-ups this month, advocates open market in India

Ratan Tata, who will resume working with startups from February 23 after handing over the reins of Tata Sons to N Chandrasekaran, has called for India to remain an open market but with more with regulatory intervention to curb unfair competition."The regulators need to focus on areas where there is unfair competition, which is done to kill the newer startups but ensure that there is enough latitude and enough of a playing field that everyone has a chance," said Tata responding to a query on protectionism and capital dumping at a startup event organised by Kalaari Capital.Tata, who is an advisor to Kalaari, has invested in over 20 startups including firms such as Urban Ladder, Ola, Madrat Games, Nestaway and Snapdeal. Since October, when Tata Sons board sacked Cyrus Mistry as the chairman, Tata had suspended his involvement with startups and instead focus on finding a new head of the software to salt conglomerate.Chandrasekaran, CEO of TCS will take over as the Tata Sons chairman on ...

February 7th, 2017 08:13

Punjab National Bank rallies 3.8% on stellar Q3 earnings

The company reported a over four-fold jump in net profit to Rs 207.18 crore for the third quarter ended December 31, 2016-17, on account of lower provisioning

February 7th, 2017 07:46

Apple beats Xiaomi in China with 45 mn iPhone shipments, Oppo leads

Shipping 44.9 million iPhones to China, Apple has beaten Xiaomi, touted as the 'Apple' of China that shipped 41.5 million smartphones and slipped to fifth spot, market research firm International Data Corporation (IDC) has revealed.

February 7th, 2017 06:55

Airtel unveils 'Surprises' to mark 2 million fixed broadband feat

To avail the offers of 'Airtel Surprises', customers need to log on to broadbandsurprises section on the Airtel website and unlock their 'surprise'

February 6th, 2017 18:08

New AT-1 bond norms a huge capital respite for PSBs: Icra

While three of the 21 state-run banks--Central Bank of India, Indian Overseas Bank and United Bank of India had negative distributable reserves

February 6th, 2017 15:27

Vikram Limaye's cricket role not good for IDFC

The appointment of IDFC managing director & CEO Vikram Limaye as a cricket administrator raised concerns on his ability to focus on his primary role, said proxy advisory firm Institutional Investor Advisory Services (IiAS). Investors should be concerned about the amount of time he spends on his additional responsibilities, it added. On Tuesday, the Supreme Court named Limaye as a member of four-member team led by former Comptroller and Auditor General Vinod Rai to manage affairs of Board of Control of Cricket in India (BCCI). Rai is the chairman of IDFC. The move was part of the court's efforts to reform the administration of the much loved sport in line with recommendations of a panel headed by former chief justice of India RM Lodha. "Vikram Limaye's recent appointment is likely to distract him from his core responsibility. Not only has he become responsible to administer the recommendations of the Lodha Panel, he has also been charged with representing the board at the ICC ...

February 2nd, 2017 13:38