4,285,799 russian companies, updated January 21st, 2018

Business news

Zoho to offer IoT under customer relationship management: Sridhar Vembu

Zoho Corporation, the SaaS-based company is planning to expand its business to the Internet of Things (IoT) offerings under its Customer Relationship Management (CRM) for industries including automotive sector. The company, which has been into organic growth so far, would be looking for small tuck in acquisitions as the global SaaS industry is moving towards consolidation now, said Sridhar Vembu, CEO of Zoho.The company has integrated WebNMS, a division which has been working on IoT, into Zoho as part of integrating its offerings. It may be noted that the company last year launched an integrated offering under Zoho One, which currently offers all its 40 suits as a bundled product and this has boosted its growth projections."CRM is evolving to be the centre of business. Suppose somebody sells you an airconditioner, they want to know how well the unit is doing and need to send a technician if there is some problem detected. IoT becomes the centre of the CRM strategy. That is how we see .

January 21st, 2018 13:41

BigBasket eyes 20 mn customers; to spend Rs 5 bn in farmer sourcing, tech

This will enable the company to then allocate its resources towards media spending and other activities to achieve its growth targets

January 21st, 2018 10:19

ONGC raises borrowing limit to Rs 350 billion for HPCL deal

However, ONGC chairman and managing director Shashi Shankar said that borrowing will be the final option before the board to finance the deal

January 21st, 2018 09:35

Wi-Fi in the sky: Domestic airlines cold to on-board call, cite high cost

AirAsiaIndia said it's "always ready to offer services that will enhance ultimate in-flight customer experience through digital offerings"

January 20th, 2018 17:47

NCLT grants 90-day lifeline to Nagarjuna Oil Corp for insolvency resolution

Nagarjuna Oil Corporation Ltd has received an extension for its Corporate Insolvency Resolution Process (CIRP) for another 90 days, even as several public sector and private investors are eyeing to bid for the company's control. The extension was approved by the National Company Law Tribunal (NCLT), as the process was not completed in the stipulated 180 day period.A NCLT Single Bench has issued an order extending the CIRP as per an application filed by the Resolution Professional S Rajendran, as per a resolution of the Committee of Creditors (CoC). The extension is for 90 days, from January 21, 2018 onwards.It has attracted interest from at least three to four strong investors including public sector firms, foreign and Indian investors out of a total of around 20 investors to bid for a resolution plan as per the expression of interest (EoI) floated by the Resolution Professional.The bidders' list includes public sector players, foreign and Indian investors, said a source, who ...

January 20th, 2018 09:37

JLR launches Range Rover Velar SUV, price starts at Rs 7.88 million

Tata Motors-owned Jaguar Land Rover today announced the market launch of its latest SUV model Range Rover Velar in India, priced between Rs 78.83 lakh and Rs 1.38 crore (ex-showroom Delhi). The company said it will start deliveries of the vehicle to customers from dealerships within a week to ten days. "We have had a tremendous response to the Range Rover Velar and we are sold out till March," Jaguar Land Rover India President & MD Rohit Suri told PTI here. He, however, did not share the total number of bookings so far. JLR India had opened the bookings for the Range Rover Velar in December last year. The model will be sold in India as fully imported unit. The new model is available in three engine options of 2- litre petrol, 2-litre diesel and 3-litre diesel. The 2-litre engine variant in both petrol and diesel options are priced between Rs 78.83 lakh and Rs 91.86 lakh, while the 3-litre diesel variant is tagged at a price ranging from Rs 1.1-1.38 crore (all prices

January 20th, 2018 09:30

Paper makers raise prices by 2.5% across segments as input costs pinch

Raw materials like pulp and paper chemicals have become costlier by up to 30% in three months, may see another price rise in March

January 20th, 2018 06:48

End of road for Uber in India? Ola and Uber said to be on merger path

Softbank, the single largest investor in Didi Chuxing in China, Ola in India and Grab in Southeast Asia, has backed local players for growth over Uber in each of these markets

January 19th, 2018 23:28

News digest: RIL's Q3 show, India's first BS-VI car, bitcoin, and more

The income tax department has sent notices to thousands of cryptocurrency investors across the country, seeking additional details on the money invested in the virtual currency during demonetisation

January 19th, 2018 22:43

Canada's Hydro Quebec unable to meet demand from digital currency miners

MONTREAL (Reuters) - Canada's largest utility, Hydro Quebec, is reviewing its commercial energy strategy after being inundated with demand from global digital currency miners rushing to the province to benefit from political stability and low energy prices.

January 19th, 2018 22:12

IUC cut impact: Reliance Jio trumps Bharti Airtel in December-quarter

While Airtel's India wireless operational performance was one of its worst in recent times, Jio surprised the Street by reporting a higher expected operating and net profit

January 19th, 2018 20:52

I-T notices to cryptocurrency investors on suspicion of tax evasion

The income tax department has also inquired whether the users have brought or sold cryptocurrency from websites registered outside the country

January 19th, 2018 17:06

Trai directs Reliance Communications to refund unspent money of customers

The loss-making and debt-ridden RCom closed mobile calling service on its network from December 1 in about half of the country and rest from December 29

January 19th, 2018 14:25

Motherson Sumi plans Rs 18 bn war chest in FY19, three new units in Chennai

In order to derisk business, MSS has drawn up a 3CX10 strategy, under which no single customer, country or component would make up more than 10% of its total turnover in 2020

January 19th, 2018 12:59

Xiaomi to open more stores in India to grab smartphone market from Samsung

Xiaomi opened its first Mi Home, an Apple store-style sales and experience centre, in May and already operates 17 such outlets in India

January 19th, 2018 12:42

Tata Steel raises $1.3 bn via bonds to refinance offshore obligations

Tata Steel, the country's oldest steel maker, today said it has raised $1.3 billion by issuance of unsecured bonds in the international markets.The issue comprises $300 million at 4.45 percent Unsecured Bonds due on July 24, 2023 and $1 billion at 5.45 percent Unsecured Bonds due on January 24, 2028 by Abja Investment Co Pte Ltd, a wholly owned subsidiary of Tata Steel based in Singapore. The bonds are rated BB- by S&P and will be listed on the Singapore Exchange (SGX), said Tata Steel in its release."Based on the buoyant trading performance of the existing bonds and strong credit appetite from quality investors, the company launched an innovative bond structure. The success of the issue demonstrates the investor's confidence in the long term strategy of the company and we are very happy with the quality of the investors in the issue," the release quoted Koushik Chatterjee, executive director and chief financial officer as saying. Road shows were organized simultaneously in ...

January 19th, 2018 10:12

Around 94% of polished diamond to benefit from lower GST rate of 0.25%

Apart from freeing up blocked working capital, move will help overcome ambiguity in tax structure and avoid mis-declaration and tax evasion

January 19th, 2018 09:37

Honda recalls 22,834 cars across India to rectify faulty airbags

According to the company, the recall will affect 510 units of the premium sedan Accord, 22,084 units of City, and 240 units of Jazz

January 19th, 2018 09:25

Crude oil prices at $60 conducive to revenue growth: Air India CMD

Crude prices are important for airlines, as jet fuel, which is a refined product, is heavily taxed in India and forms a major cost component

January 19th, 2018 09:10

Sebi allows investment up to 25% in REITs/InvITs to attract investors

The units subscribed by strategic investors, pursuant to the unit subscription agreement, will be locked-in for 180 days from the date of listing in the public issue

January 19th, 2018 08:50

Uber's India rape scandal accelerated Travis Kalanick's downfall: Report

Following the December 2014 rape of the female passenger by an Uber driver, authorities of several Indian cities banned ride-hailing services from operating

January 19th, 2018 08:21

Bitcoin use under scrutiny in Indonesian island of Bali

JAKARTA/KUTA, Indonesia (Reuters) - Indonesian authorities are investigating the use of bitcoin in the holiday island of Bali, amid warnings by the central bank in Southeast Asia's biggest economy over the risks posed by virtual currencies, an official said.

January 19th, 2018 08:01

US SEC raises doubts about Bitcoin ETFs amid biggest cryptocurrency slump

The SEC said it has questions concerning how funds holding substantial amounts of cryptocurrencies and related products would satisfy the requirements of the 1940 Act

January 19th, 2018 07:01

Biocon hits record high on collaboration with Sandoz

The stock hit a record high of Rs 564, up 4% on NSE after the company entered into a global partnership with Sandoz to develop, manufacture and commercialise multiple biosimilars.

January 19th, 2018 06:14

Apple, Microsoft, Google ask Trump to retain Obama-era rule on H-1B visa

The Trump Administration is reportedly moving ahead with its decision not to give work permits to the spouses of H-1B visa holders, arguing that this displaces genuine American workers

January 19th, 2018 05:36

Cyient hits 52-week high post Q3 results

The stock hit a 52-week high of Rs 622, up 7% on BSE in early morning trade, after the company reported 1.3% QoQ dollar revenue growth at $152 million in December quarter.

January 19th, 2018 05:32

Alembic gains on share buyback plan

The stock up 7% to Rs 63.20 on BSE in intra-day trade after the pharmaceutical company announced that its board will consider share buyback proposal on Tuesday, January 23, 2018.

January 19th, 2018 04:51

Wonderla Holidays nears record high on GST rate cut

The stock surged 9% to Rs 424 on BSE in early morning deal was trading close to its record high of Rs 430 touched on December 23, 2015.

January 19th, 2018 04:38

U.S. SEC says bitcoin funds raise 'investor protection issues'

(Reuters) - The U.S. securities regulator on Thursday raised alarm about the safety of bitcoin-themed investments, telling the fund industry they want answers to their concerns before endorsing more than a dozen proposed products based on cryptocurrencies.

January 19th, 2018 03:59

HCL Technologies posts lower-than-expected profit in third-quarter

The company maintained its forecast for full-year revenue growth in a range of 10.5 per cent-12.5 per cent in constant currency terms

January 19th, 2018 03:29

WhatsApp inches closer to revenue plan; unveils accounts for businesses

Business accounts will allow them to set up automatic greetings, see statistics about their messaging and set up a profile page with hours of operation and other information

January 19th, 2018 03:08

SoftBank is now Uber's largest shareholder; Kalanick's power nipped further

SAN FRANCISCO (Reuters) - A group of investors led by SoftBank Group Corp closed a deal with Uber Technologies Inc on Thursday, making SoftBank the largest stakeholder in the ride-services firm and providing a much-needed boost to controversy-ridden Uber.

January 19th, 2018 02:46

Tata Motors aims to address 95% of passenger vehicle market by 2020

Mumbai, 18 JanuaryTata Motors expects to address 95 per cent of the passenger vehicle (PV) market by 2020, up from a little less than two-third now.There would be multiple product launches in segments where it currently doesn't have a presence, said Mayank Pareek, president for PV business at the company. "Currently, we are not in the fast growing segments, including the large hatchback one, and only 60 per cent of the addressable market. That's one big correction we have done -- we will be making sure that by 2020, we are in 95 per cent," said Pareek.The other step, he said, was to rationalise the number of platforms from the current six to two by 2020. This would allow it to reduce complexity, use common parts and, hence, cut costs by at least 18-20 per cent. "You can't have all the models based on different platforms," he explained.As part of this plan, all new models will be derived from only two new platform architecture -- either based on the Advanced Modular Platform or the .

January 18th, 2018 23:02

Bad news for Indian, Chinese polyester makers: US imposes anti-dumping duty

RIL is the largest producer of polyester fibre and yarn in the world, with a capacity of 2.5 million tonnes per annum more than half of almost half of India's overall capacity of 4.5 MT

January 18th, 2018 20:57

NSE is said to seek Singapore Exchange delay on single-stock futures

NSE's request comes as domestic stock-derivatives volume has slipped, said the people, who asked not to be named because the talks are private

January 18th, 2018 19:44

IL&FS Transportation to issue Rs 2,000-cr masala bonds

IL&FS Transportation Networks, part of the IL&FS Group, today said its board has given nod for issuance of masala bonds worth up to Rs 2,000 crore besides USD-denominated bonds of up to USD 500 million. "We wish to inform that at the meeting of the board of directors held today, an in-principle approval was granted for issuance of ...masala bonds up to Rs 2,000 crore" and "rated secured USD denominated bonds upto USD 500 million," IL&FS Transportation said in a regulatory filing to the BSE. The proceeds of the issue will be primarily used to repay high interest bearing short-term debt by a security with a lower interest cost having long-term maturity, it said. IL&FS Transportation in 2016 had raised USD 50 million through a maiden masala bonds sale to the Export Development Canada (EDC).

January 18th, 2018 19:42

France, Germany to make joint bitcoin regulation proposal at G20 summit

PARIS (Reuters) - France and Germany will make joint proposals to regulate the bitcoin cryptocurrency at the next summit of the G20 group of major economies in Argentina in March, French Finance Minister Bruno Le Maire said on Thursday.

January 18th, 2018 16:09

Over 92 large companies can pay additional dividends worth Rs 340 bn: IiAS

As many as 92 large companies which sit on a mount of cash, can pay out additional dividends to the tune of Rs 34,000 crore, for the past fiscal year when these firms had muted earnings growth, says a report. These 92 companies, drawn from the BSE 500 index whose members are sitting on a whopping Rs 1.85 trillion in aggregate cash/cash equivalents, have already paid Rs 40,700 crore in dividends in 2016-17 but can pay Rs 34,000 crore more, says proxy advisory firm IiAS. According to its analysis, based on corporate financials in 2016-17, these companies continue to maintain large cash balances and at least 92 of them can potentially return cash to its shareholders as dividends or buybacks. The companies, which are taken from S&P BSE 500 index, includes TCS, Infosys, Wipro, M&M, Ashok Leyland, Bajaj Auto, Indraprastha Gas, GsK Consumer Healthcare, Jubilant FoodWorks, and Nestle India among others. It can be noted that TCS had concluded a Rs 16,000- crore share ...

January 18th, 2018 16:01

L&T Finance Holdings plans to raise Rs 40 bn via QIP, appoints four bankers

L&T Finance Holdings, a subsidiary of Larsen & Toubro (L&T), plans to tap the market for a qualified institutional placement (QIP). The non-banking financial firm has appointed four investment bankers - Citi, Edelweiss, Motilal Oswal and JM Financial -- to manage the placement, said sources. The issue size could not be ascertained but is expected to be in the region of Rs 30-40 billion. The board of directors of the company will meet January 25 to approve the unaudited financial results for the quarter ended December. "As a matter of policy we do not comment on market speculation," said the company in an email response. In the past one year, the share price of L&T Finance Holdings has surged 77 per cent against 29 per cent gains made by the 30-share BSE benchmark Sensex. The company had listed in August 2011 and has since gained 243 per cent. On Thursday, the shares slid 1.3 per cent to Rs 171.3. L&T Finance Holdings is among the top five NBFCs, with a market ...

January 18th, 2018 14:02

ISMA raises sugar output estimate by 4% to 26 mn tonnes due to good monsoon

With a sharp increase in output in the first three months of the current cane crushing season, the Indian Sugar Mills Association (Isma) has raised the country's production forecast by four per cent or one million tonnes to 26.1 mt for 2017-18 (October-September).It has also begun lobbying with the government on early measures to check a likely fall in prices, suggesting opening the door for export.Total sugar production was reported at 10.33 mt in the December quarter this year, compared to 8.19 mt in the same period last year. Annual sugar consumption is estimated at 25 mt. The additional one mt of output, in addition to the carryover stock of nearly four mt from the earlier season, would worsen mills' financial health this year, say observers. "On the basis of satellite images of harvested and unharvested area, the trend of yields and sugar recoveries till now ,as also expected yield/sugar recovery in the balance period of the season, we have revised the sugar production ...

January 18th, 2018 13:36