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Business news

Auction of Delhi's iconic Taj Mansingh hotel put off for third time

According to NDMC official, apart from Taj Mansingh, two other Delhi hotels - Hotel Connaught and Asian Hotel - will also be auctioned on March 7

February 22nd, 2018 00:15

Donald Trump Jr eyes hospitality market in India

Built with a licensing agreement with Indian realty partners, Trump Tower has sold 73% of the units in Kolkata, priced at Rs 40-60 million per unit

February 21st, 2018 18:03

Output cap imposed by Maharashtra govt hits chemicals' producers

An estimated 20 million tonnes of plastic is used daily life, with at least 50,000 units engaged in this and 4 million people being dependent on this industry

February 21st, 2018 16:32

Corrections against strong macro backdrop are short-lived: Luis Valdes

For global equities, 2017 was a favourable year and it helped fuel assets under management and flows: Principal International President and CEO

February 21st, 2018 15:59

Bajaj Finserv, Grasim and Titan to be part of Nifty 50 index from April 2

The three companies were being added as a substitute for Ambuja Cements, Aurobindo Pharma and Bosch; PNB has been excluded from the Nifty Mid-cap index

February 21st, 2018 15:55

Pratt & Whitney releases revised configuration to tackle A320 engine issues

Engine maker Pratt & Whitney has come out with a revised configuration to address the latest problem in some of its engines powering A320 neo planes. After European aviation safety regulator EASA's directive about problems faced by certain P&W engines, budget carrier IndiGo grounded three of its neo aircraft earlier this month. A "revised configuration" has been released to address the issue relating to a knife edge seal on the High Pressure Compressor (HPC) aft hub that has affected some of the engines, P&W said in a statement today. It noted that the issue affected a limited sub-population of the PW1100G-JM engine that powers A320 neo aircraft. Currently, a total of 45 A320 neos are there in the country. Out of them, 32 are with IndiGo and 13 are with GoAir. "The solution is based on a design with which the company has significant experience, and this solution has received all necessary regulatory approvals," the engine maker said. P&W also said it has begun ...

February 21st, 2018 15:53

Wipro to set up Rs 2.2 billion manufacturing unit in Telangana

Telangana Minister for IT and Industries KT Rama Rao suggested that there are many other business opportunities that Wipro can explore in the state

February 21st, 2018 15:23

Global cybercrime costs USD 600 bn annually: study

The annual cost of cybercrime has hit USD 600 billion worldwide, fuelled by growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies, researchers said today. A report produced by the security firm McAfee with the Centre for Strategic and International Studies found theft of intellectual property represents about one-fourth of the cost of cybercrime in 2017. Russia, North Korea and Iran are the main sources of hackers targeting financial institutions, while China is the most active in cyber espionage, the report found. The researchers said ransomware is the fastest-growing component of cybercrime, helped by the easy availability of marketplaces offering hacking services. The global research report comes days after the White House released a report showing cyberattacks cost the United States between USD 57 billion and USD 109 billion in 2016, while warning of a "spillover" effect for the broader economy if certain sectors are hit. Globally, ...

February 21st, 2018 14:20

Sun Pharma recalls over 17,500 bottles of nasal spray solution from US

The bottles are being recalled following a failure to meet the % RSD requirement in the test for Droplet Size during the 6 month long term stability test station

February 21st, 2018 13:34

Madhusudan Gopalan appointed new P&G India MD & CEO from April 2018

FMCG major P&G India today announced appointment of Madhusudan Gopalan as its new Managing Director & CEO with effect from April 2018. Incumbent MD and CEO Al Rajwani is retiring on March 31. Gopalan is currently leading P&G business in Indonesia and his appointment would be effective from April 1, 2018. He has over 18 years of experience working for the company across business units and diverse geographies, P&G said in a statement. Rajwani is set to retire by the end of the financial year (March 31, 2018) from the P&G after 37 years of service, it added. "Until his retirement, Rajwani will help in onboarding Madhusudan on the India business and enable a smooth transition," said a P&G Spokesperson. Gopalan, an alumnus of IIM Calcutta, had started his career with P&G in India 1999 has diverse experience in the FMCG industry with P&G, working in India, US and ASEAN markets.

February 21st, 2018 13:07

Incumbent telcos feel Trai's tariff order favours Jio, may move courts

The incumbent operators are likely to approach courts against Trai's non-predatory tariff rules as they feel that the regulations are favouring Reliance Jio. As per multiple industry sources, the incumbent players including Bharti Airtel, Vodafone and Idea Cellular are likely to take legal recourse individually. Industry body COAI has already stated that the new rules will deal a fatal blow to the whole industry while benefitting just one operator.The older telcos believe that Telecom Regulatory Authority of India (Trai) has removed two factors from the definition of significant market power (SMP) just to benefit Jio. In the latest regulations, Trai has defined SMP based on any of the two parameters -- subscriber base and gross revenue. However, earlier, there were four factors including subscriber base, turnover or gross revenue, network capacity and traffic volume.As per Rajan Mathews, Director General, COAI, Jio could have been termed a SMP if network capacity and traffic volume ...

February 21st, 2018 12:34

Weak global trends soften gold by Rs 250, silver slips to Rs 39,300

Traders said gold prices took a hit owing to a weak global trend as the dollar remained firm, while investors awaited the minutes of the US Fed's last policy meeting

February 21st, 2018 12:26

Despite liberalisation, power demand to sustain Coal India's dominance

Despite opening up of the coal sector to private miners, Coal India's dominance in the field is expected to remain firm as the power sector will continue to bank heavily upon this state-owned coal monolith.Coal India officials said that the company has a mandate to supply atleast 75 per cent of the produce to the power sector and the rest can be offered to others like cement and steel; however, the private miners are most likely to be exempted from the clause."The reform states that private miners can sell or utilise coal in any manner they like. Thus, compared to us, the power sector is not a mandated priority for them. Being liberalised, they are at will to sell coal where they will find the best price discovery", a senior Coal India official said.With Coal India currently routing its supplies majorly to the power sector, the cement and steel plants are bearing the brunt of coal and railway rake shortage.Also, a second Coal India official opined that private companies will be more ..

February 21st, 2018 12:24

Intel's Debjani Ghosh becomes the first woman to head India's tech industry

New Nasscom President takes charge of a $167 bn sector that's moving from low-paid legacy work to newer technologies, from cloud to artificial intelligence

February 21st, 2018 10:55

Nasscom, BRI tie-up to develop skills for blockchain adoption, deployment

The National Association of Software and Services Companies (Nasscom) on Wednesday signed an MoU with Canada's Blockchain Research Institute (BRI) to develop skill sets for blockchain adoption and deployment in India.

February 21st, 2018 09:06

ONGC extends gain on interim dividend plan

The stock was trading 2% higher at Rs 191, extending its Tuesday's 1.1% gain on the BSE, after the company announced that its board will meet on February 27 to consider the second interim dividend.

February 21st, 2018 08:51

Cybercriminals set to extort money as firms comply with new EU laws

As businesses try to comply with new European Union privacy laws that come into force this year, they are set to face increased ransomware, cryptocurrency mining and business email compromise (BEC) extortion attacks, a report said on Wednesday.

February 21st, 2018 07:48

GM to convert $2 bn debt of Korean arm to equity, wants tax sops in return

Korea Development Bank believes the auto maker has not shared sufficient information about its finances or the cause of its mounting losses

February 21st, 2018 07:37

Rotomac Pens Rs 37 bn-fraud: CBI questions Vikram Kothari, son in Delhi

Rotomac allegedly took loans from 7 banks - Bank of Baroda, Bank of India, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank, Oriental Bank of Commerce

February 21st, 2018 07:13

Indian, Chinese firms top AI investment, adoption in Asia: Forrester study

Asian enterprises see AI as a complete disruptive force across technology, industry, product, go-to-market, academic, and economic dimensions

February 21st, 2018 06:42

Oil marketing companies trade weak; Indian Oil hits 52-week low

In past six months, IOCL, BPCL, HPCL has underperformed the market by falling in the range 11% to 13%, against 8% rise in the Nifty 50 index.

February 21st, 2018 05:26

How a pin code can nix your loan even if you have a great CIBIL score

If you live in a locality prone to defaults, your potential lender may not approve you loan despite the fact that you have a good financial record

February 21st, 2018 05:22

Venezuela begins selling oil-backed cryptocurrency

Venezuela has formally launched its new oil-backed cryptocurrency in an unconventional bid to haul itself out of a deepening economic crisis. The leftist Caracas government put 38.4 million units of the world's first state-backed digital currency, the Petro, on private pre-sale from the early hours. During the first 20 hours of the pre-sale, which runs through March 19, Venezuela received "intent to buy" offers to the tune of USD 735 million, according to President Nicolas Maduro. "The Petro reinforces our independence and economic sovereignty and will allow us to fight the greed of foreign powers that try to suffocate Venezuelan families to seize our oil," he said. A total of 100 million Petros will go on sale, with an initial value set at USD 60, based on the price of a barrel of Venezuelan crude in mid-January -- but subject to change. Economist and cryptocurrency expert Jean-Paul Leidenz told AFP prices during the pre-sale "will be agreed privately," and will then fluctuate ...

February 21st, 2018 05:00

Gitanjali Gems hits all-time low; stock tanks 56% in six trading days

The stock hit an all-time low of Rs 27.45, down 10% on the BSE, falling 56% in past six trading days from Rs 62.85 on February 12, 2018.

February 21st, 2018 04:38

How Eris is weaving a success story around its 4 distressed acquisitions

Eris Lifesciences started new neuro-psychiatry and women healthcare divisions for Strides portfolio and a new nutrition division for UTH portfolio

February 21st, 2018 04:21

More pain for PM Modi's debt plan as bonds find few takers, yields harden

Sovereign bonds in India have sold off for six consecutive months, hurt by concerns of a wider government deficit and higher oil prices

February 21st, 2018 04:09

PNB scam: Nirav Modi lawyer sees no fraud in this case; top 10 developments

The first high-profile arrest in connection with the Punjab National Bank fraud case took place on Tuesday when the CBI arrested Vipul Ambani

February 21st, 2018 04:08

Eros International Media gains on pact with RIL

The stock surged 11% to Rs 219 on the BSE after the company announced that Reliance Industries through a subsidiary, is acquiring 5% equity stake in the NYSE listed Eros International PLC.

February 21st, 2018 04:03

PNB fraud: ED probing 120 shell firms linked to Nirav Modi, Mehul Choksi

According to ED officials, Nirav Modi, Neeshal Modi, and Mehul Choksi are directors or partners in about 100 companies registered with the Registrar of Companies in Mumbai

February 21st, 2018 03:30

PSBs lose Rs 1 trn; PNB scam erodes investor interest spurred by recap plan

The government's recapitalisation plan, announced on October 24, raised the PSU Bank Index to a high of Rs 3,965.60 by January 24

February 21st, 2018 01:35

Wipro will miss opportunity if 100% of revenue is not digital in 3 yrs: CEO

There is a feeling that Indian IT firms need to improve their capabilities to compete with global players in the digital businesses: Abidali Neemuchwala

February 21st, 2018 00:51

India's IT exports could grow 7- 9% in 2018-19, says Nasscom

Terming the industry body's views cautiously optimistic, Chandrashekhar said he hoped the export performance of the industry would be better

February 21st, 2018 00:35

Capital First gets NHB nod for merger with IDFC Bank

The amalgamation is subject to the receipt of approval from the Reserve Bank of India and other statutory and regulatory approvals

February 20th, 2018 21:34

PNB crisis: RBI's Malegam-led panel to look into NPA divergence, bank fraud

The panel will be headed by former RBI board member Y H Malegam, who had also earlier led several RBI committees on important reform measures

February 20th, 2018 20:18

PNB fraud impact: Fitch, Moody's place lender's rating under watch

Moody's has placed the bank's Baseline Credit Assessment (BCA) and adjusted BCA of ba3 and the Counterparty Risk Assessment (CRA) of Baa3(cr)/P-3(cr) under review for a downgrade

February 20th, 2018 19:55

Swedish fashion retailer H&M India to make online foray later this year

Swedish fashion retailer Hennes & Mauritz (H&M) is planning to have an online presence in the country this year. The multinational retail giant nets around 12 per cent of global sales volume from online now. "We plan to launch our online store this year," H&M India country manager Janne Einola told reporters at the Retail Leadership Forum here, without giving a timeline. Deliveries would be undertaken by a third-party logistics partner, he said. "As of now we will not be integrating our physical stores with online operations, but we will evaluate the business as it goes along," he said. The company will not tie up with any of the online marketplaces, and will go solo for online sales, Einola said. While the H&M India country manager didn't put a number to the online sales expectations from here, he said "it's a market with good potential". H&M India had posted about twofold spike in sales at over Rs 955 crore for the fiscal to November 2017, making ...

February 20th, 2018 18:20

First big arrest in PNB fraud: Vipul Ambani, four others held by CBI

Ambani was arrested along with executive assistant Kavita Mankikar and Senior Executive Arjun Patil in connection with the first FIR registered by the agency

February 20th, 2018 17:27

Relook risk management: Letter to BS on Rs 114-billion PNB scam

The recent fraud in PNB, and it is suspected that its contagion will affect several other Indian banks, is a classic example of operational risk faced by banks

February 20th, 2018 17:08

South Korean government says will support 'normal' cryptocurrency trading

Choe Heungsik, governor of South Korea's Financial Supervisory Service, told reporters he wants to see normalized trading of digital assets

February 20th, 2018 17:02

Deposit Rs 100 million to pay interest to home-buyers: SC to Supertech

The apex court had said that first, the principal amount would be given to the investors and then the issue of interest and compensation component would be decided

February 20th, 2018 15:28