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…]
Instant messaging application Hike raised $175 million (₹1,200 crore) from China’s Tencent and Taiwanese firm Foxconn, marking one of the biggest transactions in the Indian startup industry this year. Its existing investors, Tiger Global, Bharti Enterprises and SoftBank Group, also participated in the round of funding. This takes the valuation of[Read More…]
App-based aggregator Ola has ended its TaxiForSure operations, laying off around 700 employees in the process. Ola acquired its domestic rival a year and a half ago to take on Uber. The acquisition, which cost $200 million, was to increase Ola’s market share. Since the merger, Ola has been integrating[Read More…]
Xiaomi which has the image of ‘Apple of China’ for the kind of stylish phones it delivers is losing the Chinese market to its rivals. According to new data from research firm IDC, Xiaomi’s sale dropped in China by 38% in the second quarter of 2016. Xiaomi which was launched[Read More…]
Robin Raina, CEO of Ebix, Inc. rang the opening bell of the Bombay Stock Exchange (BSE) on Wednesday, underlining the company’s expansion plans in the Indian market. BSE Managing Director and CEO Ashish Kumar Chauhan felicitated Raina with a BSE memento to mark this occasion, as Raina lit the welcome[Read More…]
Finance Minister, Arun Jaitley in the latest budget approved various tax exemptions to Gujarat International Finance Tech-City (GIFT City) which is country’s first International Financial Services Centre (IFSC) being established between Ahmedabad and Gandhinagar. The project received the much-required recognition from the finance minister despite the fact that the clouds[Read More…]
Ahead of the long-delayed Goods and Service Tax (GST) bill being taken up by the Rajya Sabha, the government has circulated to the MPs the amendments it has proposed in the GST bill. There has been a lot of debate over the GST; here we have simplified what the bill[Read More…]
Ride-hailing app Uber has decided to merge its China business with market leader Didi Chuxing. Uber global will receive 5.89 percent in the combined company that would be valued at $35 billion. Chairman of Didi Cheng Wei, will join the board of Uber while Travis Kalanick, Uber Chief Executive, will[Read More…]
Flipkart announced its acquisition of Jabong from Global Fashion Group for an undisclosed amount on Tuesday. Other competitors which wanted to take over the fashion portal included Future Group, Snapdeal and Aditya Birla’s Abof. This makes Flipkart the biggest fashion shopping destination in India. Co-founder of Flipkart Sachin Bansal took[Read More…]
Yahoo has agreed to sell its core website business to Verizon Communications for $ 4.8 billion, according to multiple reports. On February 3, Yahoo had announced that it is open for a bid to explore other strategic alternatives. After months of wait, Verizon bought the staggering company at lowest price[Read More…]
New Delhi: For Pawan Munjal, Chairman and CEO, Hero MotoCorp Ltd. it was a proud moment to launch Hero’s first indigenously developed and designed motorcycle – Splendor iSmart 110 on Thursday here. Splendor iSmart 110 will be priced at INR 53,000 (Ex-showroom Delhi). The bike is powered by the new110 cc[Read More…]
Union Power Minister Piyush Goyal proudly announced on Tuesday that Coal problems are now history and the government will further boost domestic production to cut down on the imports that will result in savings to the tune of Rs 40,000 crore this year. “Last year, the reduction in imports of[Read More…]
