Amazon India’s authorized capital doubles to Rs16,000 crore
Mihir Dalal Bengaluru: Amazon India has almost doubled its authorized capital to Rs.16,000 crore, exceeding its massive capital commitment of $2 billion made in July 2014 and indicating the company’s intent to splash whatever cash is needed to become the country’s largest e-commerce firm. Amazon Seller Services Pvt. Ltd (Amazon India) increased its authorized capital from Rs.8,500 crore […]
Tata to decide fate of its two UK steel plants this week
London: At least 18,000 jobs in the UK may become redundant if Tata Steel decide to ditch two of their loss-making plants at a board meeting on Tuesday. The board of directors of the Indian multinational is expected to meet on 29 March in Mumbai to discuss whether to retain or sell the plants in Scunthorpe […]
Steep fall in oil prices takes a toll on remittances
Mumbai: India’s most stable source of dollar inflows, remittances from expatriates or expats, is showing signs of slowing down, reflecting the flip side of the sharp fall in global crude oil prices, which otherwise is a big positive for the country. A large part of these remittances flow from West Asian countries that are bearing the […]
Investing lessons from Mallya
Even as Kingfisher Airlines proves to be Vijay Mallya’s undoing, there are several personal finance lessons to be learned from the missteps of this once high-profile liquor baron. Don’t let emotions dictate Mallya was heading a successful businesses group before he launched Kingfisher Airlines. He had no experience in the field and aviation is a […]
Digitization can help India leapfrog others: John Chambers
New Delhi: Digitization presents India with a chance to leapfrog other nations to become the global technology leader, John Chambers, executive chairman of Cisco Systems Inc., said on Friday. “For India, which has been a slow follower (in technology adoption), this is a chance to leapfrog and become a technologically advanced country,” said Chambers while addressing […]
PepsiCo CEO Nooyi’s pay package increases 18% to $26.4 million
New York: PepsiCo Inc. awarded chief executive officer Indra Nooyi a $26.4 million pay package for 2015, an 18% increase, after she helped offset the effect of a stronger dollar by cutting more than $1 billion in costs. Nooyi’s received $13.9 million in cash bonuses and a stock award valued at $6.25 million that will […]
Patanjali will overtake Colgate and Unilever: Baba Ramdev
Bengaluru: Foreign consumer goods companies in India will soon have to do a headstand, said yoga guru Baba Ramdev at a press meet in Bengaluru on Friday, commenting on the impact of Patanjali’s success on Indian arms of foreign consumer goods and food companies. “Colgate will be below Patanjali by this year, and in three years, […]
Jewellers’ strike: Minister assures to talk to PM
AHMEDABAD: Gujarat MP and Union minister Mohan Kundariya on Sunday said he will take up with Prime Minister Narendra Modi the excise duty issue raised by striking jewellers in an effort to resolve the matter. The Lok Sabha MP from Rajkot said he will take along other MPs from Gujarat, a major gems and jewellery […]
In bad debt cloud, silver lining for banks: Aam aadmi
AMID serious concerns over bad debts across corporate and SME (small and medium enterprises) segments, there is one bright spot for banks — the retail consumer. The retail segment, comprising individual consumers, witnessed a reduction in gross NPA (non performing asset) rates for the country’s scheduled commercial banks over the last 18 months — from […]
Sun Pharma recalls 3.8 lakh cartons of osteoporosis drug in US
New Delhi: Around 3.8 lakh cartons of an osteoporosis drug manufactured by domestic drug major Sun Pharmaceutical Industries are being recalled in the US and Puerto Rico due to presence of ‘unknown impurity’. The recall of 3,81,120 cartons of Alendronate Sodium tablets has been initiated by Sun Pharma Global Fze, an arm of the Indian pharma […]
Undeveloped deep sea gas output to get free market price in future
New Delhi: The government has approved a more remunerative pricing formula for natural gas to be produced from deep sea and other difficult-to-operate geological areas, finance minister Arun Jaitley said after the Union cabinet meeting on Thursday. The new pricing formula will help companies like Oil and Natural Gas Corp. Ltd (ONGC), Reliance Industries Ltd and […]
Make in India brand campaigners launch Motherland Joint Ventures
Mumbai: V. Sunil and Mohit Dhar Jayal, the men behind the fabulous campaigns for brands such as Make in India, Incredible India! Indigo and Royal Enfield have called it a day at Wieden + Kennedy, the American advertising agency they helped set up in India nine years ago. The duo, along with Rahul Bhatia, the promoter […]
VIJAY MALLYA: THE TYCOON WHO GAVE BIG BUSINESS A BAD NAME
Mallya’s crime was that he let down everyone—his shareholders, employees, lenders and all those who champion free markets The UB Group is done for. In his lifetime, Vijay Mallya inherited it, and as Mint put it memorably in an earlier piece, “made it bigger, had fun, lost an empire, and walked away into the sunset (almost)”. In this […]
Rupee closes stronger at 68.42 per dollar as Jaitley sticks to fiscal deficit target
Mumbai: The Indian rupee strengthened against the US dollar, and bond yield dropped, after finance minister Arun Jaitley said the government will retain the fiscal deficit target of 3.5% of the gross domestic product (GDP) for fiscal 2017. The gains in the rupee were also due to improved fiscal deficit. The rupee closed at 68.42, up […]
Vijay Mallya resigns as United Spirits chairman; to pocket Rs 515 cr from Diageo
NEW DELHI: In a sweetheart deal, flamboyant businessman Vijay Mallya today quit as Chairman of United Spirits after its new majority owner Diageo agreed to pay Rs 515 crore and absolve him of all liabilities over alleged financial lapses at the company founded by his family. Mallya, who along with his group firms is fighting […]
HSBC’s 4 Indian clients under lens for tax evasion
Armed with ‘sufficient evidence’, Indian tax authorities have issued notices to global banking giant HSBC, warning of prosecution against its Swiss and Dubai arms for allegedly abetting tax evasion by four Indians and their families. HSBC on Monday said that the tax authorities have been probing its arms through summons and requests for information first […]
Aerial relief: Passenger fined £1,000 for urinating in Air India plane
A passenger on an Air India flight from India to Birmingham has been fined £1,000 for pulling down his trousers and urinating in the aisle after drinking alcohol, shocking other passengers and crew. Jinu Abraham, 39, was aggressive to cabin crew and had to be restrained until the flight landed on January 19. He was […]
Uber opens its first Centre of Excellence in Asia in Hyderabad
Hyderabad: Taxi aggregator Uber Technologies Inc. opened its first centre of excellence in Asia in Hyderabad as the San Francisco-based company centralizes several of India operations at a single location in its third biggest market. The facility will have staff providing round the clock specialized support for “critical incidents that require immediate attention.” Uber, the most […]
Will Infosys’s dream run continue in FY17?
Infosys Ltd’s chief executive officer Vishal Sikka has told employees he wants to grow revenue by 16% in 2016-17. That’s materially higher than lobby group Nasscom’s estimate that the industry will grow 10-12% in FY17. But investors shrugged off Sikka’s statement; Infosys shares have been flat in the past two trading sessions. Internal targets are […]
Make in India costs more than made in China: Aakash tablet maker
Questioning the feasibility of Freedom 251, Datawind CEO Suneet Singh Tuli trashed the explanation given by Noida-based startup Ringing Bells that domestic manufacturing have allowed them to offer the world’s cheapest smartphone for just Rs 251 or less than $4. “Firstly, make in India is actually assemble in India. While local assembling is the first […]
