Asian Lite News Archive

Category: Business

  • Reliance Jio’s profits triple in Q2FY21

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    Telecom major Reliance Jio Infocomm on Friday reported a near three-fold rise in its standalone net profit for the July-September quarter at Rs 2,844 crore. During the same period of last year, the company had reported a consolidated net profit of Rs 990 crore. Jio’s revenue from operations during the period under review rose 33…

  • YouTube’s ads revenue touches $5 billion

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    YouTube brought in $5 billion in advertising revenue in the third quarter of 2020, signaling that there has been a rebound in advertising revenue for both Google and YouTube. YouTube now has over 30 million music and premium paid subscribers, and over 35 million including those on free trials. YouTube TV now has more than…

  • Exports to China come to the rescue India’s aluminium sector

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    Indian aluminium manufacturers have exports to thank for offsetting a sharp decline in domestic offtake this fiscal, a Crisil Research report has said . Though on domestic front, primary aluminium is estimated to have plunged 45-50 pet cent on-year in the first quarter following the nationwide and local lockdowns to contain the Covid-19 pandemic, its…

  • Amazon records 37% spike in sales

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    E-commerce behemoth Amazon has reported better-than-expected Q3 results in the pandemic times when people tend to shop more online, as net sales increased 37 per cent to $96.1 billion in the third quarter, compared with $70 billion in the third quarter 2019. Amazon said that the sales in the fourth quarter will be between $112…

  • IndiGo’s Q2 loss stads at Rs 1,194 cr

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    InterGlobe Aviation, which runs airline major IndiGo, on Thursday posted a quarterly net loss of Rs 1,194.8 crore for the second quarter of 2020-21. The company had posted a net loss of Rs 1,062 crore in the like period of the previous fiscal. According to the company, its total income for the quarter declined to…

  • SP group seeks split up with the TATAs before the Apex Court

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    Shapoorji Pallonji Group has formally sought separation from Tata in the Supreme Court and argued that Tata Sons is effectively a two-group company. The Tata Group comprises Tata Trusts, Tata family members and Tata companies holding [ 81.6%] of the equity share capital, and the Mistry family owning the balance 18.37%. Tata Sons is a…

  • Q2FY21: One percent rise in Maruti Suzuki’s net profit

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    Automobile major Maruti Suzuki India on Thursday reported a rise of 1 per cent in its net profit for Q2FY21. The profit after tax (PAT) for the quarter under consideration rose to Rs 1,371.6 crore. According to the company, the net profit in second quarter of the previous year FY19-20 was higher due to mark-to-market…

  • Air India Express records highest ever profit

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    Air India’s low-cost international subsidiary Air India Express on Wednesday reported its highest-ever net profit, at Rs 412.77 crore for the financial year 2019-20. The airline had reported a net profit of Rs 169 crore in 2018-19. The airline which started its commercial operations in April 2005, has been reporting net profit continuously for the…

  • Q2FY21: Hero MotoCorp’s profits up by 9%

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    Two-wheeler major Hero MotoCorp on Wednesday reported a rise of 9 per cent in its net profit on a standalone basis for Q2FY21. The profit after tax (PAT) for the quarter under consideration rose to Rs 953 crore, from Rs 875 crore reported for the corresponding period of the previous fiscal. Besides, the company’s revenue…

  • ‘Need For Personal Mobility Pushing Two Wheeler Demand’

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    Having achieved year-on-year sales growth during the Navratri period, two-wheeler major Honda Motorcycle and Scooter India (HMSI) now expects stable demand to last beyond the festive season. He also consider the rising demand for personal mode of transport as a driving force behind the present hike in sales. Notably, the two-wheeler major has recorded a…

  • US investors urge SEBI to Effect IPO Reforms

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    Investors and other market stakeholders from US have asked India’s capital market regulator SEBI to bring in reforms in the regulations for initial public offering (IPO), a statement said on Wednesday. SEBI Chairman Ajay Tyagi, along with other SEBI officials, had an e-interaction on Tuesday with various stakeholders including industry and investor associations from the…

  • NTPC to cut pollution with 50 billion yen JBIC loan

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    In the first funding for NTPC Ltd under Japan Bank for International Co-operation (JBIC)’s GREEN or Global Action for Reconciling Economic growth and Environment preservation initiative, India’s largest power producer on Wednesday entered into foreign currency loan agreement with Japanese financial institution for JPY 50 billion (approx $ 482 million/Rs 3,582 crore). JBIC will provide…

  • Sony witnesses huge growth in PlayStation business

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    Riding on the stupendous PS4 sale, Sony’s PlayStation-related revenue reached 507 billion yen ($4.9 billion) along with an operating profit of $1 billion for its July-September quarter. The PlayStation Plus subscriber reached 45.9 million (as of September 30) while PlayStation Network had 107 million monthly active users. Sony’s big PS4 release for the quarter was…

  • Samsung recaptures India’s smartphone crown after two years

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    It took Samsung two years to end Xiaomi’s winning streak in the India smartphone market, as the South Korean major recaptured the top slot in the third quarter (July-September period) with 24 per cent share, as the Chinese major logged 23 per cent market share, a Counterpoint Research report said on Wednesday. Riding on multiple…

  • Cloud business powers Microsoft to a 12% growth

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    Riding once again on its growing Cloud business in the pandemic times, Microsoft reported its fiscal Q1 results, generating $37.2 billion in revenue (up 12 per cent as compared to same period last year) and $13.9 billion in net income (that increased 30 per cent). Stocks went up on Tuesday as the revenue in Intelligent…

  • Harley Davidson, Hero Motorcorp join hands in India

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    Harley-Davidson Inc and Hero MotoCorp, the world’s largest maker of motorcycles and scooters in terms of unit volumes, on Tuesday announced that the two will ride together in India. As per a distribution agreement, Hero MotoCorp will sell and service Harley-Davidson motorcycles, and sell parts and accessories and general merchandise riding gear and apparel through…

  • Harley Davidson launches first ever electric bicycle

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    Harley-Davidson has unveiled its first-ever electric bicycle inspired by the brands very first motorcycle from 1903. The new business called ‘Serial 1 Cycle Company’ started as a project within the motorcycle manufacturer’s product development center. “The formation of Serial 1 allows Harley-Davidson to play a key role in this mobility revolution while allowing Serial 1…

  • Global FDI flows fall 49% in H1 2020

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    Global foreign direct investment (FDI) flows fell 49 per cent in the first half of 2020 compared to 2019, due to the economic fallout from COVID-19, according to a report by the United Nations Conference on Trade and Development (UNCTAD). UNCTAD’s latest Global Investment Trends Monitor released on Tuesday showed developed economies saw the biggest…

  • Flipkart pockets 68% of India’s festive sales

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    Riding on a shopping surge in smaller towns and cities, Flipkart Group emerged as overall leader during the week-long festive sales, accounting for 68 per cent of the total sales as the country saw a massive 55 per cent (year-on-year) growth with $4.1 billion (nearly Rs 29,000 crore) goods being sold across e-commerce platforms. This…

  • Govt further extends GST return filing dates

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    The Centre has given more time to taxpayers in yet another compliance measure as it extended the due date to file GSTR-9 and GSTR 9C for 2018-19 by two more months. The GST annual return in the two forms was to be filed by September 30, 2020 originally which got extended till October 31. Now…

  • Architect of Samsung’s new era, Lee Kun-hee dead

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    Lee Kun-hee, who had transformed Samsung Group into one of the world’s major tech giants from a small trading firm, died at a hospital in Seoul on Sunday at age 78, leaving a thorny succession challenge for his children. The chairman of the flagship Samsung Electronics had been bedridden since May 2014 following a heart…

  • Rough road ahead for hotel industry: ICRA

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    The Indian hotel industry’s recovery to pre-Covid levels profits is at least three years away, ratings agency ICRA has said. The ratings agency said that road ahead for the industry is rough as revenues and margins are expected to post record decline in FY21 with losses mounting over the next two years. The hotel industry…

  • Tata Motors touches 4 million units milestone

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    Automobile major Tata Motors has achieved the production milestone of 4 million passenger vehicles in India since its inception. “Over the years, Tata Motors has produced legendary vehicles like the Indica, Sierra, Sumo, Safari and the Nano that have played a pivotal role in the shaping the country in its post-economic liberalisation era,” the company…

  • Huawei revenues grow by 9.9%

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    Huawei on Friday said that it generated a revenue of 671.3 billion yuan ($98.57 billion) in the first three quarters of this year, an increase of 9.9 per cent over the same period last year. The results showed that restrictions imposed by the US slowed down growth of the Chinese technology giant as duriing the…

  • Flipkart’s investment pushes ABFRL’s stocks up

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    Shares of Aditya Birla Fashion and Retail surged over 14 per cent on Friday afternoon after the company announced that Flipkart Investments Pvt Ltd will invest Rs 1,500 crore to pick up a stake of 7.8 per cent in the former. Around 1.10 pm, shares of Aditya Birla Fashion were trading at Rs 175.70 on…

  • LG Display swings back to profit after two years

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    Major display panel maker LG Display Co has swung to the black in the third quarter of the year on the back of robust demand for displays used in IT gadgets and increased shipments of large-size panels for TVs amid the pandemic-driven stay-at-home trend. The company chalked up a net profit of $9.8 million in…

  • Xiaomi leads as India’s smartphone shipments hit record high

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    Smartphone shipments in India hit an all-time high of 50 million units in the third quarter of this year, registering eight per cent year-over-year growth, said a Canalys report on Thursday. Xiaomi remained the market leader, growing nine per cent to ship 13.1 million units and capturing 26.1 per cent market share in the July-September…

  • Pramod Mittal: Britain’s biggest bankrupt

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    Steel tycoon Pramod Mittal has gone down into depths of unprecedented financial liabilities after a financial deal guaranteed by him collapsed. Pramod, who spent 50 million pounds on his daughter’s wedding in 2013, now claims that he owns only a small stretch of land in India. The businessman says that the loans he originally took…

  • Cognizant takes over Industrial IoT player Bright Wolf

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    Information technology company Cognizant on Thursday announced to acquire Bright Wolf, a technology services provider specialising in custom Industrial Internet of Things (IIoT) solutions, for an undisclosed sum. With the close of the acquisition, Cognizant will establish its new IoT innovation lab in North Carolina in the US, with the Bright Wolf team as its…

  • Dr Reddy’s Labs hit by cyber attack as ‘Sputnik’ trials begin

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    One of Indias largest pharma companies, Dr Reddys Laboratories has been hit by a cyber-attack and has isolated its data services. Dr Reddy’s said in a statement, “In the wake of a detected cyber-attack, we have isolated all data center services to take required preventive actions.” The development comes days after the company received approvals…

  • OPEC production cuts to go beyond December

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    Oil cartel OPEC may decide on extending the existing level of production cuts beyond December to keep the crude price stable next year. The chances are high as the extended run of Covid-19 pandemic threatens to keep demand under check over a longer period, though the global economy looks to reach closer normalcy next year.…

  • Global IT Spending Will Jump To $3.8 Tn In 2021: Gartner

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    Worldwide IT spending is projected to reach $3.8 trillion in 2021, an increase of four per cent from this year, according to a forecast by Gartner on Wednesday. IT spending in 2020 is expected to total $3.6 trillion, down 5.4 per cent from 2019. “In the 25 years that Gartner has been forecasting IT spending,…

  • Khadi launches footwear range, eyes global market

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    Eyeing on the Rs 50,000 crore footwear market in India, Khadi Village Industries Corporation (KVIC) on Wednesday launched a range of footwear for men and women made of Khadi fabric and said that it plans to tap the Rs 1,000 crore market in the first year. The first ever KVIC footwear range was launched by…

  • Kia Sonet gets over 50K bookings

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    Kia Motors India on Wednesday said its recently-launched compact sports utility vehicle (SUV) Sonet has got 50,000 bookings. In a statement, Kia Motors India – a wholly owned subsidiary of Kia Motors Corporation of South Korea – said: “This record booking number affirms its status as a game-changer by customers in the highly competitive compact…

  • By 2025, 87 million jobs will give way for machines: WEF

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    Displacement of around 87 million jobs is expected in the coming years due to shift from human labour to machines, a report by World Economic Forum (WEF) has said. The ‘Future of Jobs Report 2020’, however, noted that 97 million new roles may emerge that are more adapted to the new division of labour between…

  • FDI inflows to India witness 13% growth

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    FDI inflows into India have increased by 13 per cent during April to August 2020 on a year-on-year basis, official data showed on Tuesday. According to the Ministry of Commerce and Industry, $35.73 billion has been received during the period under review. “It is the highest ever for first 5 months of a financial year…

  • Snapchat registers 52% growth in revenues

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    Snapchat saw its daily active user base jump to touch 249 million, from 238 million in last quarter, as the company registered a 52 per cent increase in revenue at $679 million in its third quarter. The stock of its parent company Snap rose 17.1 per cent after bumper quarter results. Operating cash flow improved…

  • India’s hiring activity down by 30%

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    The hiring activity in India saw a 30 per cent decrease in the June quarter compared to the same period last year as the country saw a rise in contractual jobs, a new report said on Tuesday. However, the June quarter witnessed a 13 per cent increase in the number of work-from-home jobs as compared…

  • IBM revenues decline for the 3rd quarter in a row

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    Reporting sales declines for three straight quarters, IBM has posted $17.6 billion in revenue in the third quarter of this year, compared to $18 billion for the same period last year. The company’s shares fell 2.7 per cent in extended trading on Monday after third quarter results were announced. However, its Cloud and cognitive software…

  • Rs 187 bn Required To Rollout 5G in Mumbai, Delhi: Report

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    The total capital expenditure required for 5G rollout is estimated to be Rs 187 billion (Rs 18,700 crore) for Delhi and Mumbai, as per a telecom report by Motilal Oswal Financial Services. The report based on the TRAI’s latest reserve price, the capex requirement for obtaining 100MHz mid band spectrum in Mumbai would be Rs…

  • Paytm set to enter credit card business

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    Leading digital financial services platform Paytm on Monday said it will partner with various card issuers to introduce co-branded credit cards and is aiming to issue 20 lakh cards in the next 12-18 months. The move is aimed at transforming the credit market by enabling “new to credit” users to join the digital economy, the…

  • M&M’s new Thar clocks 15K bookings

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    Automobile major Mahindra & Mahindra has reported that bookings for ‘All-New Thar’ SUV has now crossed 15,000 bookings, since its launch on October 2, 2020. “Today 57 per cent of all buyers of the All-New Thar are first time car buyers and a significantly large share of all bookings are for the automatic variants,” the…

  • HDFC Bank reports 18.4% Rise In Profits

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    Lending major HDFC Bank on Saturday reported a 18.4 per cent increase in standalone net profit for the quarter ended September 30 of FY21 on year-on-year (YoY) basis. The bank’s net profit for the second quarter of FY21 rose to Rs 7,513.1 crore on a YoY basis. “While the previous quarter largely bore the brunt…

  • Apple expected to grow 15% riding on 5G wave

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    Apple is expected to witness 15 per cent iPhone growth next fiscal year and the primary wave of Apple 5G telephones has placed the ball in carriers and builders court, research-driven US venture capital firm Loup Ventures has forecast. “While we believe it will take carriers years to build a compelling 5G infrastructure, Apple is…

  • ‘Not the time to think of fiscal deficit limits’

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    The newly appointed President of the PHD Chamber of Commerce and Industry, Sanjay Aggarwal has called for the Indian government to step in and spend more on infrastructure projects. He also said that this is not the time to think of limits set by the FRBM Act. Describing the Indian economy as “resilient”, President of…

  • Steep fall in India’s bullion imports

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    Gold imports by India declined 57.12 per cent in the first half of the current financial year (2020-21) to $6.77 billion as demand has been largely hit by the pandemic. During April-September FY20, the value of gold imports stood at $15.80 billion. As per the Commerce Ministry data, import of the yellow metal last month…

  • Lord Rami launches ‘Zozter’ business card app

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    Zozter app comes as digital solution which enables one to avoid depending on hundreds of paper business cards. The concept has been developed by a long-standing employee of Lord Rami Ranger’s company, Sun Mark Ltd, Mr Amritpal Sachdeva, fondly known as Lucky. Lord Ranger CBE, at the launch event, said to local media, “I am…

  • Samsung captures lead in global smartphone market

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    Samsung took the top spot in the global smartphone market in August driven by sales growth in India as the market recovered from a nationwide lockdown, a Counterpoint Research report said on Friday. The South Korean tech giant also recaptured the top spot in India in July-August period, according to Counterpoint’s latest Monthly Market Pulse…

  • IPL First: Kohli plays 200 games for a single team

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    Virat Kohli has added yet feather to his illustrious cap by becoming the first player to play 200 matches for a single Indian Premier League (IPL) franchise. Kohli achieved the feat during Royal Challenger Bangalore’s game against Kings XI Punjab which his side lost by eight wickets at the Sharjah Cricket Stadium on Thursday evening.…

  • Global spending on cloud set to cross $1 trillion: Report

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    Accelerated by Covid-19 disruption, the global spending on overall Cloud services will surpass $1 trillion in 2024, sustaining a double-digit compound annual growth rate (CAGR) of 15.7 per cent, according to a new IDC report. The total worldwide spending includes the hardware and software components underpinning cloud services and the professional and managed services opportunities…