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…]
The Central Bureau of Investigation (CBI) has arrested Jignesh Shah, promoter of Financial Technologies India Ltd (FTIL) and MCX Stock Exchange, now known as Metropolitan Stock Exchange of India Ltd (MSEI) in a case of alleged cheating. The CBI conducted searches at nine places in Mumbai, including the residence and offices[Read More…]
The biggest initial public offering (IPO) in nearly six years of ICICI Prudential Life Insurance, began on Monday, with investors bidding for 4.08 lakh shares within the first 10 minutes of the bidding process. As reported by ET, the issue has 0.30% subscription against the issue size of 13.23 crore shares[Read More…]
Anil Ambani led Reliance Communications (RCom) board has approved the company’s merger with Aircel. The merged company will be one of India’s largest private sector companies, with an asset base of over Rs 65,000 crore and net worth of Rs 35,000 crore. To grow the business further both companies have[Read More…]
President Pranab Mukherjee on Thursday signed the government’s flagship Goods and Services Tax or GST Bill, which will do away with the indirect taxes and usher in one tax for the entire country. With the President’s assent, the constitution amendment act will be notified. Sixteen of the country’s 29 states[Read More…]
The Bihar government gave its nod for the launch of a Start Up venture capital fund which will encourage young entrepreneurs in the state to start new ventures. The approval to the Start Up policy, 2016 was given at a meeting of the cabinet presided over by Chief Minister Nitish[Read More…]
Commerce and Industry Minister Nirmala Sitharaman on Wednesday said the government is working at various levels to make India an investor friendly destination. Speaking at the India Summit 2016 organised by The Economist, she said the government is removing obstacles to make economy more vibrant and provide transparent and accountable[Read More…]
India will press ahead with tax reforms, repairing the banking system and getting stalled infrastructure projects moving to drive growth, Finance Minister Arun Jaitley said on Wednesday, but it is not yet ready to sell off its state banks. Asked what his top economic policy priorities were, Jaitley said he[Read More…]
Former RBI Governor Raghuram Rajan, whose tenure at the Reserve Bank of India ended this month, warned that low interest rates globally could distort markets and would be difficult to abandon. The new warning came from the central banker at a time when the world’s central banks appear to be[Read More…]
The Reserve Bank of India (RBI) has proposed working with the government to introduce interest-free banking to tackle financial exclusion for religious reasons, potentially opening Islamic finance to the largest Muslim minority population in the world. The RBI made the proposal in its annual report last week, as departing central[Read More…]
The Enforcement Directorate (ED) on Saturday attached ₹6,630 crore worth properties belonging to loans defaulter Vijay Mallya, Times Now reported. The properties include a mall, a farmhouse and several stocks Mallya owns. The properties attached by the ED are located around the country, including in Mumbai and Bengaluru. Mallya, who[Read More…]
India is the only country where there are different policies for different segments of the retail business and e-commerce. Logically, there should be one policy, said Mr. Amitabh Kant, CEO, NITI Aayog. Kant was interacting with CEOs at the Valedictory Session of the sixth edition of Massmerize 2016, FICCI’s annual[Read More…]
Mukesh Ambani’s announcement of Reliance Jio services turned out to be a nightmare for other telecom operators. Soon after Ambani’s announcement of Jio, shares of Bharti Airtel and Idea sunk by 9% and 11% respectively and together they lost Rs 15,600 crore. Shares of other telecom companies also fell on the Bombay[Read More…]
The much awaited Reliance Jio is here to offer you some unbelievable plans. Reliance Industries chairman Mukesh Ambani on Thursday formally announced the start of Reliance Jio services across India. Ambani announced free voice calling within the country, zero roaming charges and cheaper data tariffs for Jio customers. Shares of[Read More…]
Mounting more trouble on Vijay Mallya, a consortium of banks including SBI told the Supreme Court that the beleaguered businessman had deliberately not made full disclosure of his assets including USD 40 million which he received in February from a British firm. Attorney General Mukul Rohatgi, appearing for the consortium[Read More…]
In a major boost to economic growth for 2017, the India Ratings and Research (Ind-Ra) has revised its gross domestic product (GDP) growth forecast for Fiscal Year (FY17) upwards to 7.8% from its earlier forecast of 7.7%. The upward revision has been prompted by the progress of monsoon and the[Read More…]
