Auto giant Volkswagen (VW) expects the shift to electric cars to cost a five-digit number of jobs in coming years, the Frankfurter Allgemeine Zeitung newspaper reported, citing the carmaker’s human resources chief. Karlheinz Blessing, who sits on VW group’s nine-member top management board, said the carmaker will need to cut[Read More…]
The auspicious Mahurat trading session on Dalal Street ended up on a weak note on Sunday, with the equity benchmarks ending with marginal cuts. But the broader market, which includes smallcap and midcap stocks, showed strength. The BSE Sensex fell over 50 points after starting on a promising note. Finally,[Read More…]
The sudden ouster of Cyrus Mistry was sure to leave a few casualties, and one of the first to fall seems to be Tata Group’s chief of human resources (CHRO), N S Rajan. Sources told Economic Times that Rajan was handpicked by Mistry to be part of the Group Executive[Read More…]
Tata Sons hit back at allegations made by the ousted chairman Cyrus Mistry, saying it is not based on facts and it will release documents at “proper forums” to prove Mistry’s allegation are baseless. “It is a matter of deep regret that a communication marked confidential to Tata Sons board[Read More…]
A day after the Tata Sons board dismissed Cyrus Mistry as chairman, he hit back with a vengeance at the board in general and his predecessor and interim replacement Ratan Tata in particular. In the letter, Mistry clearly detailed the failed strategies, questionable transactions and authoritarianism inside India’s largest conglomerate.[Read More…]
A report by NASSCOM-ZINNOV, titled as “Indian Startup Ecosystem Maturing – 2016” says that India will be home to 10,500 start-ups by 2020. India has emerged as the third largest start-up base just behind US and UK, and nearly 1,400 new start-ups are expected by end of 2016, up by[Read More…]
Beleagured liquor baron Vijay Mallya has disclosed to the Supreme Court that he had Rs 16,440 as cash in hand as of March 31, 2016. His bank deposits in India totalled Rs 12.6 crore, which was under attachment by the Income Tax Department, it noted. Mallya also stated he had[Read More…]
Cyrus Mistry has written to Tata board members on his abrupt removal as the Chairman of the Tata Group on Monday saying that he is “shocked” by how he was ousted and that the “board has not covered itself with glory” and he was not given “a chance to defend myself.” Mistry[Read More…]
Flipkart Chief Financial Officer Sanjay Baweja has put in his papers after a two-year stint, marking the latest high level exit at the Bengaluru based e-commerce company. “Flipkart CFO Sanjay Baweja has quit. The company has started searching for his replacement. Baweja will continue to work with company till December[Read More…]
A day after Cyrus Mistry was removed as Chairman of Tata Sons, Ratan Tata on Tuesday asked leaders of group companies to focus on their businesses and not be concerned about the sudden exit. “My appointment is for short-term and the new leadership will be in place soon. I have[Read More…]
After Monday’s abrupt removal of Cyrus Mistry as the chairman of Tata Sons, rumours have been afloat about the reason behind the removal. The Economic Times now claims to have unearthed the reason – On August 26, the Tata Sons board was expanded by inducting Piramal Enterprises Chairman Ajay Piramal[Read More…]
The Supreme Court on Tuesday told liquor baron Vijay Mallya to disclose in full the assets he holds overseas including the details of the $40 million he got from Diageo in February. Saying it was not happy the way he had made disclosure, Justice Kurian Joseph and Justice Rohinton Nariman[Read More…]
Reports had streamed in of the Mistry family being miffed with the Tata Group after Cyrus Mistry was unceremoniously sacked as the chairman of Tata Sons. It was reported that the Mistry-owned Shapoorji Pallonji group would probably take the Tata’s to court. Taking prior cognizance, the Tatas have filed caveats[Read More…]
MakeMyTrip, the online travel firm will acquire rival Ibibo in an equity deal on Wednesday. The company said in a statement that South Africa’s Naspers and China’s Tencent Holdings are selling ibibo Group to MakeMyTrip in exchange for an issuance of new shares . After the deal, MakeMyTrip will own[Read More…]
IT services major Infosys is splitting its four larger industry verticals into 15 smaller units to make the company more agile and sharpen client focus, reports ET. The objective is to give its presidents more time to build CXO-level relationships and strategy to improve sales, than be bogged down by[Read More…]
Mahindra & Mahindra (M&M) on Saturday said it will sell its online maternity and childcare brand BabyOye, a yeah after acquiring it, to competitor FirstCry for ₹362.1 crore on a slump sale basis and also invest in it. “A business transfer agreement has been executed by and between Mahindra Retail Pvt Ltd[Read More…]
The summer placement season in business schools has begun and recruiters are offering 15% to 20% higher salaries this year. XLRI Jamshedpur completed its summer placement in three days and New Delhi-based Indian Institute of Foreign Trade (IIFT) finished the process within four days. The International Management Institute (IMI) in[Read More…]
The Reserve Bank of India (RBI) on Tuesday cut its key lending—the repo rate—by 25 basis points to 6.25 percent, as a newly set up panel felt that inflation levels were low enough to reduce loan rates. The decision of the monetary policy committee (MPC), headed by new RBI governor[Read More…]
Anil Ambani-led Reliance Group and Rafale maker Dassault Aviation on Monday announced a joint venture (JV) that will be a “key player” in execution of offset contract worth about Rs 22,000 crore as part of the fighter jet deal. The announcement of the JV, Dassault Reliance Aerospace, comes within days[Read More…]
Finance Minister Arun Jaitley on Saturday said that more than ₹65,000 crore in black or untaxed money has been disclosed by 64,275 declarants under the centre’s Income Declaration Scheme so far. The four-month window for tax evaders to come clean on black money had ended on Friday. Jaitley said the[Read More…]
Uber India is planning a major expansion as it looks to buy as many as 200,000 passenger vehicles over the next two years. The company is planning to lease the cars to drivers who want to join its cab-hailing platform, a top executive told Economic Times. The vehicle purchase, likely[Read More…]
The Union Cabinet on Wednesday approved the closure of Hindustan Cables Limited (HCL) and infusion of Rs 4,777.05 crore towards payment of salaries, offering early retirement schemes, conversion of loan into equity etc. “Union Cabinet under chairmanship of Prime Minister Narendra Modi has given its approval for closure of Hindustan[Read More…]
Apple has acquired a Hyderabad-based machine learning start-up Tuplejump. Tuplejump helps companies to store, process and visualise big data with its unique software. Rohit Rai and Satyaprakash Buddhavarapu founded Tuplejump in 2013, have now joined Apple following the acquisition. Apple which is on a machine learning company buying spree has[Read More…]
As festive season of October is nearing e-commerce big wigs like Amazon India, Flipkart and Snapdeal are gearing up for their flagship annual sale. Amazon India has announced that it would run its sale season from October 1 to 5 while Flipkart and Snapdeal will have launch their sales from[Read More…]
Volkswagen faces Germany’s biggest investor lawsuit as attorneys filed complaints totaling 8.2 billion euros ($9.2 billion) related to the diesel emissions scandal that wiped out a third of the company’s market value. About 1,400 lawsuits are currently pending at a court in Braunschweig, about 20 miles from Volkswagen’s Wolfsburg headquarters,[Read More…]
