The Times of India - Business

Signage atop BSE HQ damaged in Mumbai rains

Wed, 05 Aug 2020 18:53:36 GMT

Gutsy winds and heavy rains on Wednesday resulted in the signage atop the headquarters of leading stock exchange BSE getting damaged and dangling from the iconic building's facade. Asia's oldest bourse is housed in the 29-storey Phiroze Jeejeebhoy Towers. The 'BSE' signage atop the towers broke-off and was dangling from the facade of the building, officials said.

Ajay Tyagi gets 18 months' extension as Sebi chief

Wed, 05 Aug 2020 17:28:04 GMT

Ajay Tyagi was on Wednesday given an 18-month extension, till February 2022, as the chairman of markets regulator Sebi, according to a personnel ministry order. The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi has approved extension of Tyagi's term for 18 months, with effect from September 1, 2020 up to February 28, 2022, it said.

AI pay cuts: Int'l pilots body asks govt to intervene

Wed, 05 Aug 2020 16:42:58 GMT

Air India pilots, who are protesting the massive cut in their flying allowance in the wake of increasing cash crunch at the airline, got backing from the Indian chapter of International Federation of Airlines Pilots Association (IFALPA) which on Wednesday urged the govt to intervene in the matter. It expressed "shock" over AI pilots "singled out" for the massive pay cut.

RIL ranked No. 2 brand globally after Apple

Wed, 05 Aug 2020 16:01:07 GMT

Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries has been ranked second biggest brand after Apple on the FutureBrand Index 2020. One of the most profitable companies in India, Reliance is, "very well respected", "seen as behaving ethically" and is associated with "growth", "innovative products" and "great customer service", FutureBrand said.

Bharti Airtel ties up with Amazon Web Services

Wed, 05 Aug 2020 13:53:58 GMT

Bharti Airtel on Wednesday announced a multi-year strategic collaboration agreement (SCA) with Amazon Web Services (AWS) -- the cloud services arm of the retail giant -- to deliver cloud solutions to large enterprise and small and medium enterprise (SME) customers in India.

Lupin launches Covid-19 drug Favipiravir in India at Rs 49 per tablet

Wed, 05 Aug 2020 10:02:39 GMT

Drug major Lupin on Wednesday announced the launch of its Favipiravir drug under the brand name 'Covihalt' for the treatment patients with mild to moderate Covid-19 symptoms at Rs 49 per tablet in India. The drug is available as 200 mg tablets in the form of a strip of 10 tablets, and priced at Rs 49 per tablet.

Honda sees 68% drop in profit due to coronavirus

Wed, 05 Aug 2020 09:54:47 GMT

Honda Motor Co on Wednesday forecast a 68% fall in annual operating profit as it anticipates a hit from falling sales as demand for cars has plunged due to the coronavirus pandemic. Japan's No. 3 automaker expects profit to sink to 200 billion yen ($1.89 billion) in the year to end-March 2021, worse than a consensus mean estimate of 260 billion yen in profit from 19 analysts.

July service sector activity severely hit by Covid

Wed, 05 Aug 2020 09:30:33 GMT

India's services sector activity remained in deep slump in July as coronavirus-induced restrictions stifled demand and forced companies to cease operations and further reduce staff numbers, a monthly survey said on Wednesday. The IHS Markit India Services Business Activity Index stood at 34.2 in July, slightly higher than 33.7 in June.

'ITR scrutiny reduced to 0.25% in AY 2018-19'

Wed, 05 Aug 2020 09:16:54 GMT

Income tax returns picked up for scrutiny has reduced to 0.25 per cent of the total ITRs filed in assessment year (AY) 2018-19, from 0.55 per cent in AY 2017-18, the finance ministry has said.

'Will end green card freeze, oppose H-1B visa ban'

Wed, 05 Aug 2020 06:39:12 GMT

The Democratic Party in the US will end the freeze on green cards and take steps to end its backlog, if voted to power in the November presidential elections, the party's proposed 2020 platform said.

‘Can create a middle class in rural India too’

Wed, 05 Aug 2020 04:13:55 GMT

Aditya Puri, the founder CEO of HDFC Bank, will hand over the reins to his colleague Sashidhar (Sashi) Jagdishan in October. In an interview, Puri speaks of what he sees as the way forward.

Worst seems over, economy recovering: Government

Wed, 05 Aug 2020 04:08:52 GMT

India is well on the path to recovery from a trough in April, supported by proactive government and central bank policies, a finance ministry report said on Tuesday but cautioned that the increase in Covid-19 cases and subsequent intermittent lockdowns make the recovery prospects fragile and call for constant and dynamic monitoring. The worst seems to be over, said the report.

Govt bans browser offered by Xiaomi on its phones

Wed, 05 Aug 2020 04:04:03 GMT

The government has banned the browser offered on smartphones made by Xiaomi, widening the action against Chinese companies operating in India. The action has the potential to impact the performance of the devices, some market analysts say, though the company is taking steps to initiate a conversation with the government to clarify its position.

RBI blocks NBFC plans of Mauritius-funded startups

Wed, 05 Aug 2020 02:00:00 GMT

The move follows recent geopolitical developments that have spurred tighter scrutiny of Chinese capital coming into local startups via tax havens like Mauritius, where most venture capital (VC) and private equity (PE) funds are registered.

Axis Bank launches Rs 10,000 crore QIP

Wed, 05 Aug 2020 02:00:00 GMT

Private lender Axis Bank on Tuesday evening launched a Rs 10,000-crore (about $1.3-billion) fund-raising offer, through the qualified institutional placement (QIP) route.

Redesign, rethink economy in post-Covid world: Chandrasekaran

Tue, 04 Aug 2020 20:59:52 GMT

"Jugaad, tweaks and tricks" will not fully solve the present day problems and India needs to "rethink and redesign the whole economy" in the post-COVID-19 world, Tata Sons chairman N Chandrasekaran said on Tuesday. Without naming China, he said a huge opportunity has presented itself because of the rebalancing of supply chains and India can find success if it works on the infrastructure front.

High taxes issue for aspiring car owners: Maruti

Tue, 04 Aug 2020 19:14:04 GMT

Taxes on cars in India, which are higher than in any other vehicle manufacturing country in the world, have created affordability issue for many aspiring car owners, according to Maruti Suzuki India (MSI) chairman RC Bhargava. If the contribution of manufacturing sector to the country's GDP is to reach 25 per cent by 2025, then car sales need to grow faster, he said while addressing shareholders in the company's annual report for 2019-20.

Dharmendra Pradhan tests positive for Covid-19

Tue, 04 Aug 2020 17:58:58 GMT

Oil minister Dharmendra Pradhan on Tuesday tested positive for coronavirus and has been admitted to Medanta Hospital. Pradhan, 51, had developed Covid-like symptoms on Monday and was tested on Tuesday. Sources said Pradhan had last week met home minister Amit Shah, who had tested positive on Sunday. Pradhan is one of the several high-profile names to have tested positive.

Investors gain Rs 2 lakh crore as markets rally

Tue, 04 Aug 2020 17:19:43 GMT

Investor wealth jumped by Rs 2 lakh crore on Tuesday as markets returned to winning ways after four straight sessions of losses. The BSE sensex soared 748.31 points or 2.03 per cent to close at 37,687.91. Helped by robust buying sentiment, the market capitalisation of BSE-listed companies increased Rs 2,08,395.53 crore to stand at Rs 1,48,23,563.81 crore.

US' new H-1B order based on misinformation: Nasscom

Tue, 04 Aug 2020 15:08:23 GMT

Industry body Nasscom on Tuesday said US President Donald Trump's executive order against hiring H-1B visa holders for federal contracts "appears to have been made based on misperceptions, and misinformation". In a statement, Nasscom said that as the world opens up post COVID-19 pandemic-induced lockdowns, it is important for the US to be able to access talent critical to the recovery phase.