Commerce and Industry Minister Piyush Goyal has called upon companies in the US to look at India as a manufacturing base
Commerce and Industry Minister Piyush Goyal has called upon companies in the US to look at India as a manufacturing base. Delivering the inaugural virtual address at the annual conference of USIBC State of US-India Business, he said that trade between India and the US has grown exponentially, but there is a lot more to be desired. Goyal said that the US and India complement each other. He said that the US offers technology, finance and innovation, whereas India has a large market that needs to be served.
If you take India as an example, we doubled our business last quarter compared to the year ago quarter. But our absolute level of business there is still quite low relative to the size of the opportunity. And you can kind of take that and go around the world and find other markets that are like that as well. There are several markets, as I alluded to before. India is one of those, where our share is quite low. It did improve from the year-ago quarter. Our business roughly doubled over that period of time. And so we feel very good about the trajectory. We put the online store there, for example, and last quarter was the first full quarter of the online store. And that has gotten a great reaction to it and has helped us achieve the results that we got to last quarter.
Enforcement Directorate (ED) has arrested Yes Bank’s former Chairman Rana Kapoor in an alleged money-laundering case
Enforcement Directorate (ED) has arrested Yes Bank’s former Chairman Rana Kapoor in an alleged money-laundering case pertaining to the probe in a HDIL group company, official sources said on Wednesday. Currently in jail in the DHFL case, Kapoor – who has been sent to ED custody till January 30 – had allegedly sanctioned a Rs 200 crore loan to Mack Star Marketing Pvt Ltd, a group company of the HDIL promoters Rakesh Wadhawan and Sarang Wadhawan.
Honda Cars Stops Production at Greater Noida Plant as whole Production has been Shifted to Rajasthan facility
Honda Cars India (HCIL), a wholly-owned subsidiary of Japanese Honda Motor Co, has stopped production at its Greater Noida plant and has shifted to Tapukara plant. Sources closed to the development said that the whole production has been shifted to the Rajasthan facility. The company has shifted the entire production line to the Tapukara plant in Rajasthan. However, Honda’s corporate office and R&D (Research & Development) department will continue to operate from the Greater Noida Plant. The current-gen Honda City, CR-V and the Civic were produced at the facility till end of the November; however, there is no production at the facility in December, 2021.
Ikea, the world’s largest furniture retailer from Sweden, on Thursday said it will open its second store in the country in Navi Mumbai on Friday. The new store is its first big format store in Maharashtra, spanning over 5.3 lakh sq ft and situated near the Turbhe local railway station and stocks over 7,000 home furnishing products. Navi Mumbai store will house the largest children’s area ‘Småland’ in Ikea globally, along with one of its largest 1,000-seater restaurants with almost 100 per cent locally-sourced food range, the company said.
Bread and biscuits maker Mrs Bectors Food Specialities is planning to hit the capital markets mid next week to raise around Rs 450-500 crore to fund the company’s brownfield expansion of Rajpura manufacturing unit in Punjab. The proposed Initial Public Offering will open on December 15 and will close on December 17 and the price band has been fixed at Rs 286-288 per equity share of a face value of Rs 10 each.
Shares of Burger King India on Monday zoomed over 92 per cent in its debut trade against its issue price of Rs 60. The stock opened at Rs 115.35, a huge premium of 92.25 per cent against the issue price on the BSE. It later rose to a high of Rs 119.80, up 99.66 per cent. On the NSE, it jumped 87.5 per cent to Rs 112.50 in its opening trade. The company’s market valuation was at Rs 4,535.96 crore on the BSE.
Tata Group will file an Expression of Interest (EoI) to acquire national carrier Air India today, media agencies reported. Sources told meda that Tata Group will use Air Asia as a vehicle where Tata Sons has a significant majority stake. The deadline for submission of bids for Air India ends on Monday. Reports suggest that leading corporate houses Adani and Hinduja may also be interested.
Ola will Set up Biggest Electric Scooter Manufacturing Plant in Tamil Nadu by Investing Rs. 2,400 crore
Ola will become a two-wheeler maker with a new electric scooter plant in Tamil Nadu where it is investing Rs. 2,400 crore. The Softbank-backed Ola is now competing with legacy business houses in India like Hero Moto, TVS Motor and Bajaj Auto as well as with startups like Ather Energy and Okinawa Scooters. Ola says it will set up the biggest electric scooter manufacturing plant in the Indian state of Tamil Nadu.
Roughly a month after announcing it had added roughly 6.9 million net new paid subscriber additions over the past six months (as of September 30, 2020), Ali Hussein, CEO, Eros Now said that the platform has set its sights on touching 50 million paid users from the current 36.2 million in the next 18-24 months. Eros Now last week announced its massive content slate for 2021 which includes 33 film premieres and 13 original series. It will offer a range of program formats in languages including Malayalam, Gujarati, Marathi, and Hindi amongst others.
After smartphones and smart TVs, we now have Nokia laptops in India. Flipkart has partnered with the Finnish tech giant to launch the Nokia PureBook X14, featuring a lightweight design and a sleek form factor. Earlier, Flipkart launched the first Nokia-branded smart TV in 2019. This comes after Nokia licensed its brand name to HMD Global, which now makes Android smartphones. The launch of laptops makes it the third category in the consumer electronics space that Nokia is now a part of.
South Korean tech giant Samsung will make an investment of Rs 4,825 crore in Uttar Pradesh with the aim to move its mobile and IT display production unit from China to India. Uttar Pradesh government has decided to provide special incentives to Samsung Display Noida Pvt Ltd for setting up the manufacturing unit in Noida. Samsung’s production facility in Noida is reportedly expected to generate direct employment for around 500 people and also for hundreds from indirect employment. Samsung also has a massive manufacturing unit in Noida’s Sector 126, which was inaugurated by Prime Minister Narendra Modi in 2018.
Private sector lender HDFC Bank on Thursday said the Reserve Bank of India (RBI) has asked it temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data centre, which impacted operations last month. HDFC Bank said the RBI order “has advised the bank to temporarily stop all launches of the digital business-generating activities planned under its program Digital 2.0 and other proposed business generating IT applications and sourcing of new credit card customers.”
After announcing plans to set up a film city in Uttar Pradesh, Chief Minister Yogi Adityanath is taking further efforts to encourage investments from the entertainment industry. The leader now plans to interact with celebrities of the film industry ahead of his visit to Mumbai on Wednesday for various initiatives. In the first part of his visit, Uttar Pradesh CM Yogi Adityanath will be visiting the Bombay Stock Exchange, where he will ring the bell for the listing of the Lucknow Municipal Corporation bonds.
Supreme Court on Tuesday rejected former ICICI Bank CEO and managing director Chanda Kochhar’s appeal against a Bombay high court order last year dismissing her plea against being removed as the bank’s chief. The top court refused to interfere with the order which dismissed the petition filed by Kochhar challenging her termination in connection with ICICI-Videocon case.
UP CM Yogi Adityanath is going to have a meeting in Mumbai with prominent industrialists and Bollywood celebrities
Chief Minister Yogi Adityanath is going to have a meeting tomorrow in Mumbai with prominent industrialists and Bollywood celebrities, business leaders as well as filmmakers to invite them to invest in Uttar Pradesh. In September, Yogi Adityanath had unveiled an ambitious plan to set up a film city in Noida openly offering the film fraternity to come to the state for filmmaking.
FDI (Foreign direct inflows) went up almost 15% during the first half the current financial year, Gujarat cornered over half the FDI
Foreign direct inflows went up almost 15% during the first half the current financial year. Among the states, it was Gujarat, which cornered over half the FDI with inflows pegged at $16 billion with traditional leader Maharashtra slipping to the third place behind Karnataka.
Sebi has barred NDTV promoters Prannoy Roy and Radhika Roy from the securities market for two years and also directed them to disgorge illegal gains of over Rs 16.97 crore for indulging in insider trading more than 12 years ago, while the company denied the charges saying it will immediately appeal against the ruling. The directions follow a probe conducted by the markets regulator between September 2006 and June 2008 wherein various violations of insider trading regulations were found. Sebi noted that Prannoy Roy and Radhika Roy together made a gain of Rs 16.97 crore while indulging in insider trading in the shares of New Delhi Television Ltd (NDTV) while in possession of UPSI relating to the proposed reorganization of the company.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said the country’s economy has recovered stronger than expected from the initial impact of the COVID-19 pandemic, but there is a need to be watchful of demand sustainability after the end of festivities. “After witnessing a sharp contraction in the economy by 23.9 per cent in Q1 and a multi-speed normalisation of activity in Q2, the Indian economy has exhibited stronger than expected pick-up in momentum of recovery,” Das said.
Google will no longer allow peer-to-peer payments facility on its web app from January. It was also reported that Google will start charging a fee for instant money transfer. However, as per the latest developments, it has been reported that the transfer is only applicable in the US market and it would not impact the users in India.
India would become only the third country in the world having Samsung’s smartphone display manufacturing facility – UP industrial development minister Satish Mahana
So far, the company has already invested about Rs 1,500 crore in the greenfield plant. Once the unit is operational, India would become only the third country in the world having Samsung’s smartphone display manufacturing facility. We are following up with all the other companies and investors, who have proposed to invest in UP in different sectors.
Take action against e-commerce major Amazon and Flipkart for alleged violation of FDI and FEMA norms – Confederation of All India Traders
The Confederation of All India Traders (CAIT) has written to the Department for Promotion of Industry and Internal Trade (DPIIT) to take action against e-commerce major Amazon and Flipkart for alleged violation of FDI and FEMA norms. It said that the the latest revelation by Amazon during the arbitration proceedings at an arbitration court in Singapore clearly shows its control over Future Retail.
South Korean consumer electronics major Samsung will invest nearly Rs 5,000 crore in a smartphone display manufacturing facility in Noida. The export-oriented unit (EOU) is expected to be ready by January-February 2021 and attain commercial production by April 2021. Samsung Display Noida was incorporated for the business of manufacturing, assembling, processing and sales of displays (including parts, components and accessories) for all types and sizes of electronic devices.
Reserve Bank of India (RBI) has capped withdrawal limit at Rs 25,000 from Lakshmi Vilas Bank till December 16 due to its detoriating financial condition
Reserve Bank of India (RBI) has capped withdrawal limit at Rs 25,000 from Lakshmi Vilas Bank till December 16 due to its detoriating financial condition and to safeguard the interest of its customers, until a resolution is reached. Lakshmi Vilas Bank is a Tamil Nadu-based private sector that has been placed under moratorium for a period of one month, the Finance Ministry said in a statement.
The stock of Indiabulls Real Estate on Friday zoomed nearly 16 per cent in early trade after ace investor Rakesh Jhunjhunwala’s Rare Enterprises acquired the company’s shares through an open market transaction. Rare Enterprises bought 50 lakh scrips of the company at an average price of Rs 57. 73 apiece, as per NSE’s bulk deal data.
Diwali festive sales generated a turnover of about Rs 72,000 crores and gave China the expected loss of Rs 40,000 crore
Confederation of All India Traders (CAIT) on Sunday (November 15) said the sales during the Diwali festive season jumped to as high as Rs 72,000 crore across major markets in the country despite a total boycott of the Chinese items. It is expected that Chinese exporters suffered losses with Rs 40000 crore this Diwali season amid boycott call by Indian sellers.
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Limited (RIL) has acquired equity shares of Urban Ladder Home Decor Solutions Private Ltd (UrbanLadder) for a cash consideration of Rs 182.12 crore. UrbanLadder was incorporated in India on February 17, 2012. Urban Ladder is in the business of operating a digital platform for home furniture and décor products. It also has a chain of retail stores in several cities across India.
Sensex rallied 381 points to a fresh lifetime high in the opening trade of the special Muhurat session
Market benchmark BSE Sensex rallied 381 points to a fresh lifetime high in the opening trade of the special Muhurat session on Saturday to mark the beginning of Hindu Samvat year 2077. The 30-share index was trading higher by 380.76 points, or 0.88 per cent, at 43,823.76 in the first few minutes of trade. Similarly, the broader NSE Nifty surged 117.85 points or 0.93 per cent to its new record of 12,808.65.
BOC Aviation Limited has delivered the first of four new Airbus A321NEO aircraft on lease to IndiGo, an official statement. The aircraft will be powered by CFM Leap engines, the BOC Aviation in a release said. “We are very pleased to deliver the first of four new Airbus A321NEO aircraft on lease to IndiGo, India’s largest passenger airline, and we’re pleased to have an opportunity to build on our relationship with IndiGo”.
Wipro will roll out salary hike for nearly 80 per cent of its employees along with promotions for high performers effective from December 1. The Bengaluru-bases IT major exporter is reportedly considering rolling out single-digit salary increment for eligible employees at the B3 and below levels. As per reports, the decision on giving hikes to senior staff has not been finalised yet. Also, work from home (WFH) has been extended for all employees till January 2021.
Financial services platform Paytm on Monday announced to double its loan disbursements for the micro- and small and medium enterprises (MSMEs) from Rs 550 crore in last fiscal year to Rs 1,000 crore by March 2021. The company expanded collateral-free loans of up to Rs 500,000 at a low-interest rate and unique daily EMI product customised for micro-merchants.
India will become one of the ‘pharma kings’ of the world. I think the money is going to come not slowly, not fast, but in a Tsunami. Will reach double-digit growth in the next 5 years. We will be surprised by the most battered stocks. The pace of reforms is picking up and on the market, I remain as bullish as ever. I was extremely bullish in June and I am extremely bullish even today.
India is a very strong consumer economy that had come to a standstill because people were more interested in conserving cash. Once there is certainty that life after Covid will be as normal as it was, I am sure the pent-up demand, supported by the regular demand, will probably pull the economy.
As airlines anticipate a travel boom to tourist destinations within India, Vistara said that it has launched its services between Delhi and Dehradun, marking its entry into the hill state of Uttarakhand. The airline said that it will operate three flights a week on Mondays, Wednesdays, and Saturdays.
The government says that the reason is COVID but if that is the reason, there is COVID in Bangladesh and elsewhere in the world also. The reason is not COVID, the reason is ‘Notebandi’ and GST. Four years ago PM Modi began an assault on the Indian economy. He hurt farmers, labourers and small shopkeepers. Manmohan Singh ji said the economy will lose two per cent and that is what we saw. This was a lie. The attack was on you, Modi wanted to take your money and give it to his 2-3 crony capitalist friends. You stood in lines, not his crony capitalist friends. You put your money in banks and PM Modi gave that money to his friends and gave them a loan waiver of Rs 3,50,000 crore.
Working from anywhere has become the new reality and thank you for seeing this – Rishad Premji, Wipro Chairman
This is truly long term, progressive thinking by the Government which will make our technology industry that much more competitive. Working from anywhere has become the new reality and thank you for seeing this.
Amazon is doubling down on its India investments with the latest announcement on its Amazon Web Services. The cloud wing of the Jeff Bezos-owned company will invest Rs 20,761 crore (nearly $2.77 billion) to set up the largest cluster of data centres in the state of Telangana. The AWS Cloud for Hyderabad region will launch as early as mid-2022.
If you want returns with reliability, India is the place to be – Prime Minister Narendra Modi pitched India as a lucrative investment destination
If you want returns with reliability, India is the place to be. If you want demand with democracy, India is the place to be. If you want stability with sustainability, India is the place to be. If you want growth with a green approach, India is the place to be. We are building a New India which is free of old practices. Today, India is changing and for the better.
ICICI Bank launched India’s first banking programme for millennial customers in age 18 years to 35 years
Lending major ICICI Bank launched India’s first banking programme for millennial customers, in the age bracket of 18 years to 35 years. The proposition called ‘ICICI Bank Mine’ offers an instant savings account, a feature-driven iMobile application that offers investment guidance to suit the demand of millennials, curated credit and debit cards, instant personal loans, and overdrafts.
Amazon India announced the launch of ‘Amazon Fresh’ at Kolkata, Ahmedabad, Pune and Chennai. With this expansion, Amazon India has more than 25 such Amazon Fresh centres with a three-fold increase in processing space, the company said in a statement. The company has also expanded its infrastructure with new centres in Bengaluru, Mumbai, Hyderabad and Delhi-NCR with growing customer demand for the grocery category.
After being stuck in beta mode for over two-and-a-half years, popular messaging platform WhatsApp has got the regulatory approval to launch on Unified Payments Interface (UPI) in a ‘graded manner’ where it can expand to maximum 20 million users initially. So far, it was restricted to 1 million users since February 2018.
There has been no positive year-on-year growth in the motorcycle industry since the Covid-19 pandemic began – Rajiv Bajaj
These are wholesale figures. There is still a bit of struggle in the retail sector. We still have a long way to go in that sector. There has been no positive year-on-year growth in the motorcycle industry since the Covid-19 pandemic began. The sales of the last three months have barely been able to match last year’s. I’m worried about what will happen from December when festivals are over. A -3% growth is a matter of discomfort. We must see a double-digit growth from January.
If you speak of retails from the dealers to the customers, frankly we are all still waiting and watching. There is still a bit of a struggle. One festive month doesn’t make a year’s worth of sales. We have to extend some support or some sympathy, particularly to the MSMEs.
The Reserve Bank on Monday announced phased restoration of trading hours for various debt as well as currency market from November 9 as the country has started graded roll-back of the lockdown. Trading hours for various markets regulated by the RBI were reduced from April 7, 2020, in view of the operational dislocations and elevated levels of health risks posed by COVID-19.
Finance Minister Nirmala Sitharaman will soon announce the next set of stimulus package to boost the coronavirus-hit economy
Finance Minister Nirmala Sitharaman will soon announce the next set of stimulus package to boost the coronavirus-hit economy, Economic Affairs Secretary Tarun Bajaj said on Tuesday. The Finance Ministry is looking into suggestions and requests received from various sectors of the economy, he said in a virtual conference with media.
The GST Collections have crossed the 1 lakh crore mark for the first time in 8 months. The gross GST revenue now stands at 1.05 lakh crore. Total GSTR-3B returns till the 31st of October is 80 lakhs. According to October GST data, the revenues of CGST is 19193 Crores, SGST is 5411 Crores, IGST is 52540 Crores and Cess is 8011 Crores.
Amazon reportedly said that it had a very strong Prime Day in India, during which, twice as many customers became Prime members compared to the previous year. It also said that the Diwali sale is off to a good start. Its remarks came amid blockbuster results for the third quarter, clocking sales growth of 37% year on year.
In recent times the Indian smartphone industry has seen a tough fight between Xiaomi and Samsung to become the biggest smartphone brand in India. Xiaomi had acquired the largest market share and has stayed on the top for the last two years also claiming themselves as the “Number One Smartphone Brand in India”. However, as the recent anti-China sentiments rose after several geopolitical issues and border clashes between the two neighboring nations, the South Korean brand has risen up to conquer the throne of the biggest smartphone brand in India in Q3 2020. Recently, the conglomerate has posted its highest quarterly revenue figures.
Yotta Infrastructure, part of the Hiranandani Group to set-up a 20-acre hyper scale datacenter park in the Greater Noida region
Yotta Infrastructure, part of the Hiranandani Group, has received approvals from the Uttar Pradesh Government to set-up a 20-acre hyper scale datacenter park in the Greater Noida region. The park will consist of 6 interconnected data center buildings offering 30,000 racks capacity and 200 MW of power. It will be set up at an estimated cost of INR 6000-7000 Crore (appx USD 950 million). The construction for the first building will commence in December 2020.
We are thankful to the Uttar Pradesh Govt and Honorable Chief Minister Shri Yogi Adityanath for welcoming the new business investment – Niranjan Hiranandani
We are thankful to the Uttar Pradesh Govt and Honorable Chief Minister Shri Yogi Adityanath for welcoming the new business investment in the sunrise sector of Data Centre in the state by extending all the requisite support and approval in the record time. Hiranandani Groups Data centre –Yotta Infrastructure’s vision to support the Digital India initiative just received a big boost with the inclusion of our Northern India campus that will enable us to address India’s growing need for data sovereignty.
With our state-of-the-art campus, the NCR region will get its first hyperscale data center facility that was long due – Darshan Hiranandani
With our state-of-the-art campus, the NCR region will get its first hyperscale data center facility that was long due. The region contributes over 10% to the Indian GDP and has a huge concentration of enterprises and start-ups who need reliable data centre services. The cooperation extended by the U.P. Government on all aspects such as land allotment, arrangement of electricity on open access basis etc. has been exceptional, and will go a long way to augment the data centre infrastructure not only in this region but also in the country.
Union of India must challenge the said award (Voda arbitral award) and must file all available proceedings to challenge the award – Solicitor General Tushar Mehta
The question of law — the power of an arbitral tribunal to virtually and substantially declare a parliamentary legislation of a competent Parliament of a sovereign nation to be non est and unenforceable — itself is an issue which needs to be challenged. I therefore, opine that the Union of India must challenge the said award and must file all available proceedings to challenge the award and/or to protect the interest of Union of India.
There were visible signs of revival in the economy but the GDP growth may be in negative zone or near zero – Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said there were visible signs of revival in the economy but the GDP growth may be in negative zone or near zero in the current fiscal. This is primarily because of a huge 23.9% contraction in the economy in the first quarter of current fiscal (April-June), she added.
Indusind Bank on Monday dismissed the reports about its merger with Kotak Mahindra Bank, a day after the deal street was abuzz with related speculations. In an official statement, the Indusind Bank said the rumour was “malicious, untrue and baseless”. “IIHL is promoted by the Hindujas and a broad base of other successful NRIs from the overseas Indian diaspora. They reiterate their full support to the IndusInd Bank, now and always,” the statement released by Radamohun Gujadhur, General Manager and Director of IIHL, read.
Government extended the deadline to file income tax (I-T) returns by individual taxpayers till December 31 for the financial year 2019-20 (FY20) in the wake of ongoing Covid-19 crisis. The Centre had in May extended the date for filing ITR for FY20 from July 31 to November 30.
Wholesale onion prices fell by up to Rs 10 per kg in key consuming markets on govt action against hoarding
Wholesale onion prices fell by up to Rs 10 per kg in key consuming markets such as Delhi, Mumbai and Chennai with increase in arrival of the perishable commodity after the government imposed stock limits on traders to check hoarding and price rise, government data showed. Among consuming markets, government data showed that wholesale onion prices in Chennai declined to Rs 66 per kg on October 24 from Rs 76 per kg on October 23.
RBI governor Shaktikanta Das tests positive for Covid-19. “I have tested COVID-19 positive. Asymptomatic. Feeling very much alright.Have alerted those who came in contact in recent days.Will continue to work from isolation. Work in RBI will go on normally. I am in touch with all Dy. Govs and other officers through VC and telephone.” RBI Governor Shaktikanta Das tweeted.
Reliance Industries is rolling back salary cuts for the employees of its hydrocarbons division and is also giving out performance bonus that had been deferred after business was hit by coronavirus lockdown. The firm is also offering an advance 30 per cent of the variable pay from the next year’s salary to its lakh-plus employees as a goodwill gesture for working during the pandemic.
India’s richest state Maharashtra has invited U.S. electric-car maker Tesla Inc, weeks after its Chief Executive Officer Elon Musk suggested entering the country next year. In a tweet on Thursday, state tourism and environment minister Aaditya Thackeray said he and industries minister Subhash Desai held a video call with Tesla executives earlier in the day to invite them to the state.
Nestle India, which posted a 1.4% decline in net profit for the quarter ended September, on Friday said it planned to invest about Rs. 2,600 crore in India over the next 3-4 years to add to manufacturing capacity. “We plan to invest Rs. 2,600 crore over the next 3-4 years to augment our existing manufacturing capacities as well as towards our new under-construction ‘state-of-the-art’ factory in Sanand, Gujarat,” said Suresh Narayanan, CMD, Nestle India.
Kotak Mahindra Bank announced that it has reduced its rate on home loans by a further 10 basis points
Kotak Mahindra Bank (Kotak) on Thursday announced that it has reduced its rate on home loans by a further 10 basis points (bps) to 6.9 percent per annum. The new rate will be effective from October 21. Consumers can avail Kotak’s festive season bonanza, the 2020 edition of ‘Khushi Ka Season’ with home loans and balance transfer loans starting at 6.9 per cent per annum, the bank said in a statement.
Reserve Bank of India issued final guidelines & framework, to set up a self-regulatory organisation for payment system operators
Reserve Bank on Thursday issued final guidelines, including the framework, to set up a self-regulatory organisation for payment system operators as part of its payment and settlement systems vision. The framework will enable the central bank to recognise a self-regulatory organisation (SRO) for payment system operators (PSOs). The plan was announced in February 2020 monetary policy.
Quick service restaurant major Burger King India has filed a draft prospectus for an initial public offering (IPO). The company plans to raise Rs 541.9 crore through the fresh issue. The addendum to the draft red herring prospectus said that the company has undertaken and may further undertake a pre-IPO placement of shares worth up Rs 150 crore, at its discretion, prior to filing of the Red Herring Prospectus with the RoC.
Maruti Suzuki on Thursday announced that its Hansalpur plant in Gujarat has rolled out 1 million units over a span of 3 years and 9 months. Out of all three Maruti Suzuki plants in India, the Gujarat plant becomes the fastest to achieve this feat. The Hansalpur plant In Gujarat began production in February 2017, under the Indian government’s ‘Make in India’ initiative.
E-commerce company Amazon has decided to let its employees work from home until June 2021, extending the timeline to return to office due to the COVID-19 pandemic. “Employees who work in a role that can effectively be done from home are welcome to do so until June 30, 2021,” an Amazon spokeswoman was quoted as saying by Reuters in an emailed statement. The guidance is applicable globally, it said.
Country’s largest lender State Bank of India on Wednesday announced concession of up to 25 basis points (bps) on its home loan rates. With this, SBI’s customers would get an interest concession of 25 bps on a home loan of above Rs 75 lakh, based on their CIBIL score and if they are applying through YONO, the lender’s digital lending platform.
If we do that right, rather than worry about the past, we can think about the future – Mukesh Ambani
If we do that right, rather than worry about the past, we can think about the future then the future is not going to be an extension of the past. We can create our new destiny in terms of eco system, platforms and manufacturing which then becomes a high employment generation piece and we then have a play not only for our domestic market, but all the marginal pieces we can support to the international market.
After 16 months of being defunct, Jet Airways is all set to start its 2.0 phase after the creditors’ committee elected the consortium of UK based Karlock Capital and Murari Lal Jalan. The bid secured 99% of the votes and the resolution is submitted to the National Company Law Tribunal (NCLT) for its final nod. It’s not very far that the airline will have its new owners.
There is a need to rethink and redefine manufacturing in India. I think the opportunity for us is to embrace the future industries and think in terms of ecosystems. Just like we have startups in the technology sector, we need to support our SME entrepreneurs. We need as much thinking about bricks as we have about clicks.
Maruti Suzuki India announced special offers for government employees with benefits up to Rs 11,000 in this festive season
Country’s largest carmaker Maruti Suzuki India announced special offers for government employees with benefits up to Rs 11,000 over and above the ongoing festival consumer offers across its models. The company is seeking to further boost demand with its offer after the recent leave travel concession (LTC) cash voucher scheme announced by Finance Minister Nirmala Sitharaman.
Tata Housing announced a scheme under which homebuyers will have to pay a flat 3.99 per cent interest rate on home loans for one year
Tata Housing on Monday announced a scheme under which homebuyers will have to pay a flat 3.99 per cent interest rate on home loans for one year and the company will bear the rest as part of its effort to attract prospective customers. The scheme is valid across 10 projects till 20th November. Under this scheme, customers have to pay only 3.99 per cent flat interest rate for a period of 1 year, with the rest being borne by Tata Housing, the company said in a statement.
Reliance Jio is planning to launch a 5G smartphone for less than Rs 5,000 and gradually reduce the price to Rs 2,500-3,000 a unit
Reliance Jio is planning to launch a 5G smartphone for less than Rs 5,000 and gradually reduce the price to Rs 2,500-3,000 a unit when it scales up the operation, according to a company official. The company will target 20-30 crore mobile phone users who use 2G connection at present. “Jio wants to bring the device for less than Rs 5,000. When we scale up the sales, it can be priced in the range of Rs 2,500-3,000”
Adani Group and Piramal Enterprises are among the four entities that have placed bids for DHFL, the first financial services player undergoing insolvency process, according to sources. Besides, sources said, the US-based Oaktree and Hong Kong-based SC Lowy submitted bids for DHFL on October 17, the last date to submit final bids.
Micromax co-founder Rahul Sharma announced the company is planning a comeback with a new “in” series of smartphones
Micromax has announced its comeback in the Indian smartphone market with its “In” range of smartphones. Micromax co-founder Rahul Sharma announced that company’s re-entry in the smartphone space via a short video on Twitter. No further details were officially revealed but an interesting Geekbench listing gives us a possible look at the first device from the new Micromax range.
We will be able to fight Chinese brands fiercely on the pricing front – Micromax co-founder Rahul Sharma
The new PLI scheme balances out foreign and Indian players. The support of 6 percent is big and with the government support, we will be able to fight Chinese brands fiercely on the pricing front.