Sunday, November 28, 2021

Business

Delivery of MG Astor could get delayed due to chip shortage

Delivery of MG Astor vehicles could get delayed because of shortages of chips and semiconductors in the market, said Gaurav Gupta, Chief Commercial Office of MG Motor India. "We are all facing a situation very unprecedented. The supply of chips and semiconductors are very uncertain and very dynamic," Gupta said. "Sometimes our suppliers, whether it is global or European suppliers, have a weekly schedule which also gets altered. And that makes us change our production plans."

China overtakes US as richest country in the world

Global wealth tripled over the last two decades, with China leading the way and overtaking the US for the top spot worldwide. A report by McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60 per cent of the world's income. China accounted for almost one-third of gains in global net worth over the past two decades, the report said. "We are now wealthier than we have ever been," Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview. Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization, speeding its economic ascent, the report said. The US, held back by more muted increases in property prices, saw its net worth more

Aus retail sales surge

Retail sales in Australia jumped 4.2 per cent in October 2021 compared with the previous year, and a 10.1 per cent spike from the same time before the Covid-19 pandemic in 2019, according to official figures released on Tuesday. The figures, released by Australian Retailers Association (ARA), were based on data which records online and in-store credit payments. Despite the overall rebound, retail sales growth has staggered in the cities of Sydney, Melbourne and Canberra as they only exited their prolonged lockdowns in mid-to-late October.

Google's entry into navigation services space to shake up industry

The entry of Google into the original equipment manufacturers' (OEM) navigation and location-based services space is set to change the market dynamics of the segment, a new report has said. The rapid adoption of Google's Android Automotive Operating System (AAOS) by OEMs and the default inclusion of Google Maps on the platform gives the already popular service an even greater strategic advantage.

Tata Consumer Products buys Tata SmartFoodz for Rs 395 cr cash

Continuing its focus on expanding into value added food products Tata Consumer Products Ltd has inked a deal to buy group company the ready-to-eat-maker Tata SmartFoodz Limited for Rs 395 crore cash. Tata Consumer Products has entered into a share purchase agreement with Tata Industries Ltd to acquire its entire holdings in Tata SmartFoodz for Rs 395 crore. With this buy, Tata Consumer 

Fitbit rolls out ECG, blood glucose tracking tool in India

Google-owned Fitbit on Wednesday announced that its users in the country will now be able to use a new features including blood glucose tracking tool in the Fitbit app. The company also said that Daily Readiness Score is now available in the Fitbit app for Premium members with compatible devices. It is an experience that uses proven research and insights from your body via your Fitbit device -- your activity, heart rate variability (HRV over your entire night's sleep) and recent sleep patterns -- to help you determine if you should work out or prioritise recovery, it said. "Daily Readiness is now

Tobacco industry using FB to dodge rules, facilitates bidi sales

Facebook hosts at least 30 distinct pages for bidi companies, and many of these companies are utilising the social media platform to facilitate sales, according to a report released on Wednesday. The report titled "Selling Death on Social Media: How Bidis Are Reaching Consumers Online" from global public health organisation Vital Strategies details digital media monitoring data with 344 instances of bidi marketing on social media between December 2020 and August 2021, almost exclusively through Facebook (98 per cent).

Paytm makes history as India's largest IPO bidding ends with 1.89x oversubscription

Indias leading digital payments and financial services platform Paytm has closed the bid/offer for its IPO by being 1.89 times oversubscribed. From once being India's highest valued unicorn to be on the verge of being the country's largest stock market debut today, the company stands as a testament to the true Indian entrepreneurial story. As per data from the 

Zoomcar raises $92mn from SternAegis Ventures, other investors

Domestic car sharing marketplace Zoomcar on Tuesday announced that it successfully completed a $92 million private placement led by New York City-based SternAegis Ventures along with participation from other investors. SternAegis acted as the exclusive placement agent for this offering and ThinkEquity acted as special advisor. Zoomcar intends to use the proceeds from this financing to grow its car sharing marketplace in India and various select markets across Asia and the MENA region.

Three Musketeers: BoB, Canara, Union Bank's stocks rally on healthy results

The stocks of PSU lenders Bank of Baroda, Canara Bank and Union Bank have lately been on a high as healthy results as well as acceleration in economic recovery attracted hoards of investors to these counters. Besides, the banking sector as a whole has been in the limelight on the back of healthy quarterly results. In terms of quarterly results, Canara Bank posted impressive Q2FY22 figures on the back of lower provisioning and improvement in asset quality. The bank's net profit rose to Rs 1,333 crore from 

Ex-SBI chairman's bail plea rejected in loan scam case

The Chief Judicial Magistrate of Jaisalmer Court on Monday rejected the bail application of former SBI chairman Pratip Chaudhury, arrested in the Jaisalmer hotel loan fraud case, and sent him to judicial custody till November 15. The former SBI chairman will now have to spend his Diwali behind bars, said sources. He will be in judicial custody for 15 days till November 15, they added. Pratip Chaudhury was arrested from Delhi on Sunday and brought to Jaisalmer on Monday. After that he was

Maruti Suzuki's Q2FY22 YoY net profit down 65%

Automobile major Maruti Suzuki India's Q2FY22 net profit declined by over 65 per cent on a year-on-year basis. Net profit fell to Rs 475.3 crore during the quarter under review from Rs 1,371.6 crore in Q2FY21. However, the company's net sales for the quarter under review rose to Rs 19,297.8 crore from Rs 17,689.3 crore earned in Q2FY21.

MPC members agree on repo rate but not on accommodative stance: Minutes

Even though the six-member Monetary Policy Committee of the Reserve Bank of India was unanimous in retaining the repo rate at its last meeting, not all members were in consonance for maintaining the accommodative stance.

RBI imposes penalty worth Rs 1.93 cr on Standard Chartered Bank India

The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1.95 crore on Standard Chartered Bank India. The penalty was imposed for non-compliance with the directions issued by the RBI on 'Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions', 'Cyber Security Framework in Banks', 'Credit Card Operations of Banks' amongst others. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI said in a statement.

Samsung India offers up to 12 5G bands support on Galaxy smartphones

Samsung on Monday said it has strengthened its 5G footprint in India with up to 12 bands support on Galaxy 5G smartphones in the festive season. The South Korean company has one of the largest 5G smartphone portfolio in India with 13 5G-ready Galaxy smartphones. "Our vision is to let our consumers be the first to benefit from 5G once commercialised, so that they can experience superfast speeds, ultra-low latency and smooth streaming," said Aditya Babbar, Senior Director and Head, Mobile Marketing, Samsung India.

Hopes of healthy Q2 results lift equities; Nifty50 breaches 18K-mark

India's benchmark equity index -- NSE Nifty50 -- breached the 18,000 point-mark on Monday as positive global cues along with expectations of healthy Q2FY22 results buoyed investor sentiments. The Nifty50's march from 17,000 to 18,000 took just 28 days. In the day's trade, the Nifty50 touched an intra-day record high of 18,041.95 points. The other key index -- S&P BSE Sensex -- closed in the green during Monday's trading session. Globally, Asian stocks ended Monday's session on a mixed note. However, European stocks kicked off the week slightly lower, with nerves around inflation and the upcoming earnings season off-set surging commodity prices that supported oil and mining shares.

CCI slaps penalties upon firms for bid rigging in GAIL tender

The Competition Commission of India (CCI) passed a final order against two firms - PMP Infratech Pvt Ltd and Rati Engineering - for indulging into concerted practices leading to bid rigging of a tender floated by GAIL in 2017-18 for the restoration of well sites located in Ahmedabad and Anand areas of Gujarat. Based on investigation and electronic/documentary evidence collected by its Director General as well as other evidence available on record, the CCI found that the two firms were in regular

Food delivery apps to collect 5% GST on deliveries

The GST Council on Friday approved a proposal to treat food delivery apps such as Zomato and Swiggy as restaurants and levy 5 per cent GST on supplies made by them.Such food delivery apps will now be required to collect 5 per cent GST, or Goods and Services Tax, from consumers instead of the restaurant they pick up orders from, Finance Minister Nirmala Sitharaman said on Friday evening after the Council meeting.There would be no extra tax burden on the end consumers taking food delivery from restaurants registered with the GST. However, the levy will plug tax evasion being done by unregistered restaurants.The changes will be effective from January 1, 2022 to allow the e-commerce operators time to make changes in their software for such tax to be charged."E-commerce operators are being made liable to pay tax on following services provided through them : transport of passengers, by any type of motor vehicles through it (w.e.f. January 1, 2022), restaurant services provided through it with some exceptions (w.e.f. January 1, 2022)," a Finance Ministry statement on the GST Council's decisions said.

Record highs: Sensex crosses 59k mark; Telecom stocks soar

India's key stock indices rose during mid-afternoon trade session on Thursday to reach new intra-day record high levels. Accordingly, both key indices - S&P BSE Sensex and NSE Nifty50 -- made new record highs. The Sensex crossed the 59,000 mark, while Nifty breached the 17,500 level.

Bank stocks fall, Sensex falls by 200 points.

The Indian equity indices traded in the red on Tuesday morning as they gave up initial gains, with the BSE Sensex losing over 200 points.Heavy selling pressure was witnessed in banking, finance and oil and gas stocks.Investors also took to profit booking post the recent bull run in the market, analysts said.Around 10.10 a.m., Sensex was trading at 58,053.53, lower by 243.38 points or 0.42 per cent from its previous close of 58,296.91.

'iPhone 13' MagSafe cases pictured in Twitter video

A now-deleted video allegedly showed silicone cases for the "iPhone 13 Pro Max," a clip that seemingly confirms the expected "iPhone 13" name of the upcoming Apple product launches. Posted to Twitter on August 30, the video starts by showing a collection of cases in white boxes, surrounded by elastic bands, reports AppleInsider. Each are labelled "iPhone 13 Pro Max Silicone Case," as well as a MagSafe label, the report said.

Nifty surges nearly 20% since Covid's 2nd wave blues in April

The Indian stock market has not just been on a bull run off late, but it has been scaling new highs. The Nifty50, which has crossed the 17,000 level, has witnessed a rise of around 20 per cent since the middle of April when the second wave of Covid-19 wreaked havoc in several parts of the country and lockdowns and curfews were re-imposed.

BSNL Employees Union calls for protest against asset monetisation

The BSNL Employees Union has called upon all employees of the state-run telco to protest on Friday against the Centre's asset monetisation plan. In a statement, the employees union alleged that in the name of "National Monetisation Pipeline" (NMP), the government has decided to hand over the national assets at throw away price to the corporates.

Samsung expands presence in NAND flash market in Q2

Samsung Electronics expanded its lead in the global NAND flash market in the second quarter of the year, a report showed on Thursday, on the back of strong chip demand and price hikes.

Yahoo shuts news sites in India over FDI norms for digital media

Yahoo India has shut its news sites including Yahoo Cricket, Finance, News Entertainment and MAKERS India over the new FDI regulations for digital media ownership.

Domestic gas producers allowed to sell 10% output on exchanges

In yet another reform initiative, the government has now allowed domestic gas producers such as ONGC, OIL, Reliance, and Vedanta to sell a small quantity of their produce, through gas exchanges, for better price discovery. As per an office memorandum of the Petroleum and Natural Gas Ministry, domestic gas producers who have been granted marketing and pricing freedom after recent changes in the policy, will now be permitted to sell 500 million standard cubic metre (MSCM) or 10 per cent of annual production from the contract area through exchanges authorised by downstream regulator PNGRB. "This is a landmark step towards development of the gas markets. Going forward, the gas producers such as ONGC, Oil India Limited, Reliance, Cairn Oil will be able to participate on the IGX platform. We now expect a much better liquidity on the sell side and therefore even more competitive price discovery on the Exchange platform," Indian Gas Exchange Ltd Chief

Daily passenger volume triples at Hyderabad airport

Daily passenger volume flowing through the Hyderabad International Airport has tripled in two months, the airport operator said on Tuesday. The airport handled more than seven lakh passengers in July. From around 10,000 passengers on June 1, the number of passengers almost tripled and crossed 29,000 on a single day on July 18.

Gillette India logs 35% rise in profit

Gillette India on Tuesday reported a 35 per cent rise in its net profit for the year ended June 30, 2021, at Rs 310 crore. The company attributes the rise in sales to strong sales, growth, productivity, and savings. Despite a challenging market environment, the company delivered a strong performance in the fiscal with sales of Rs 2,009 crores, up 20 per cent against the previous year.

Covid-19 catapults CSR spending past Rs 1 lakh crore

Spending on corporate social responsibility (CSR) in India has crossed the Rs 1 lakh crore milestone, just seven years after it was made mandatory, according to an analysis by CRISIL. As much as 40 per cent of this is estimated to have been incurred in the past two fiscals as companies rolled up their sleeves to fight the Covid-19 pandemic that set in towards the fag-end of 2020 fiscal, an analysis by the the ratings agency showed.

Auto Sector: Continued sequential recovery seen in July, says Ind-Ra

Continued sequential recovery has been seen in the auto sector in July 2021, according to India Ratings and Research (Ind-Ra). Ind-Ra believes that the 18 per cent sequential and 4 per cent year-on-year (YoY) increase in the domestic auto sales volumes in July 2021 was led by the continued easing of lockdown restrictions.

Lakshmi Mittal calls on Odisha Chief Minister

Lakshmi Niwas Mittal, the Executive Chairman of ArcelorMittal, the world's largest steelmaking company, met Odisha Chief Minister Naveen Patnaik here on Saturday. The meeting, which was held at the Chief Minister's residence, lasted for an hour. Though neither the Chief Minister nor Mittal made any official

Karnataka soon going to have integrated townships in all industrial hubs

In a bid to avoid long traffic snarls and save ‘man hours being wasted in traffic junctions, Karnataka industries minister, Murugesh R. Nirani said on Friday that the state government was planning to launch unique concept of "Walk-to-work" across the state.

3-fold growth in its India footprint : Flipkart

Flipkart Wholesale, the digital B2B marketplace of India's homegrown Flipkart Group, on Thursday announced its plans to more than triple its geographical footprint in the country to close to 2,700 cities, with an aim to make business easier and bring prosperity to lakhs of small businesses and 'kiranas' across India.

British Airways increases flight services

British Airways on Tuesday said that it has increased flights between India and the UK. According to the airline, starting August 16, 2021, flight services have been increased from 10 to 20 per week. The airline said that the decision came after the UK government moved India to "amber list" and the Indian government allowed UK carriers to operate additional flights, increasing the weekly cap from 15 to 34 per week.

Use of mini-LED panels in forthcoming MacBook lineups will catalyse supplier investment and push the entire industry

Apple's use of mini-LED panels in its forthcoming MacBook lineups will catalyse supplier investment and push the entire industry toward adoption of the display technology.Like the 12.9-inch iPad Pro, Apple's upcoming redesigned 14-inch and 16-inch MacBook Pros are expected to feature mini-LED displays. In his latest investor note, seen by MacRumors, analyst Ming-Chi Kuo said this will stoke strategic supplier investment in the technology, which will allow Apple to diversify supply risk and bring down production costs. The redesigned 14 and 16-inch MacBook Pro models due this year are expected to feature next-generation Apple silicon chips, the removal of the Touch Bar, the return of the MagSafe magnetic power cable and an overall new design with a HDMI port and SD card slot.Kuo believes that Apple is already "actively looking for second suppliers of key Mini LED components," and if its mini-LED notebooks receive positive feedback, other notebook makers and their suppliers will inevitably be pushed towards adoption of the technology.

Sensex and Nifty hit new highs

The Indian stock market traded on a flattish note on Monday morning in line with the subdued trade in the Asian markets. However, the Sensex inched marginally higher to touch an all-time high of 55,518.95 points and the Nifty50 on the National Stock Exchange has touched a record high of 16,550.75 points.

Foreign investors can register investment companies in Nepal, Conditions apply

Foreign investors can register investment companies in Nepal but under certain strict conditions as per the new rules introduced by the Himalayan nation's government. Foreigners who want to register an investment company in Nepal can bring foreign investments only in the form of share capital, according to the notice published by the Ministry of Industry, Commerce and Supplies.

Green Signal from RBI to IDFC to exit IDFC First bank

The Reserve Bank of India had allowed IDFC to exit the IDFC First Bank. In a regulatory filing made to the BSE, IDFC said that the RBI on July 20 clarified that "after the expiry of lock-in period of 5 years, IDFC Limited can exit as the promoter of 'IDFC FIRST Bank Limited'".

At the end of final day of issue, Zomato IPO subscribed over 38 times

The much-anticipated initial public offering (IPO) of Zomato was subscribed over 38 times by the end of the final day of the issue on Friday. According to data on the BSE website, qualified institutional buyers (QIB) subscribed 51.79 times of their earmarked portion. The portion of the non-institutional investors was subscribed 32.96 times. Further, retail investors subscribed 7.45 times of the portion allocated to them. The portion reserved for employees was subscribed 0.62 times. The subscription period for Zomato IPO was available till 5 p.m. on Friday. Bids were received for a total of 2,751.25 crore shares against the total issue size of more than 71.92 crore shares. The largest IPO of the year so far, Zomato opened on Wednesday at Rs 72-76 per share. On Tuesday, the company had said that it has raised Rs 4,196 crore from several prominent institutional investors as part of an anchor book allocation. It has allocated 55.2 crore equity shares to anchor investors, at a price of Rs 76 per share.

Cybertruck will have 4-wheel steering, Says Elon Musk

Elon Musk has confirmed that the Tesla Cybertruck will be equipped with a 4-wheel directional steering, resulting in a feature similar to the Hummer EV's 'Crab mode'.Over the last year, Musk has been talking about Tesla unveiling an updated version of the Cybertruck ahead of the start of production, which is still officially planned for later this year. Now, the CEO has confirmed that the Tesla Cybertruck is going to have 4-wheel steering, Electrek reported.

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