Asian Lite News Archive

Category: Business

  • Artemis Programme: NASA grants $374 mn worth contracts to 14 Cos

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    NASA has picked 14 US companies, including several small businesses, as partners and awarded them $370 million in total to develop a range of technologies that will help forge a path to sustainable Artemis operations on the Moon by the end of the decade. The space agency selected partners to develop technologies in cryogenic fluid…

  • Indian e-com to garner $6.5bn in festive sales: Report

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    Online retailers in India are expected to generate approximately $6.5 billion (Rs 47,751 crore) in sales during the festive month (October 15-November 15), with around 5.5-6 crore online buyers participating, a new report forecast on Thursday. About 75 per cent of these sales will occur from October 15-21, the period in which Flipkart will hold…

  • Fall In External remittances To Weaken Demand: Ind-Ra

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    Fall in external remittances is likely to affect the consumption demand, according to the India Ratings and Research (Ind-Ra). The rating agency on Thursday also said that muted external remittances growth is more of a structural issue than transitory. According to Ind-Ra, the muted growth would further weaken aggregate consumption demand, though the impact will…

  • Sensex down 1,000 points

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    The BSE Sensex slumped over 1,000 points on Thursday breaking its 10 day gaining streak amid selloff across global stock markets. Heavy selling in banking and IT stocks weighed on the domestic indices. Fading hopes of further stimulus in the US subdued the investor sentiments globally. Further resurgence of the novel coronavirus cases globally also…

  • Infosys posts whopping 20.55% rise in profits

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    IT major Infosys on Wednesday reported a 20.55 per cent increase in its consolidated net profit for the July-September quarter, on a year-on-year basis, at Rs 4,845 crore. During the corresponding period of the last financial year, Infosys had reported a consolidated net profit of Rs 4,019 crore. The company’s total revenue from operations stood…

  • IMF Foresees Steep Fall And Rise For India’s GDP

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    With the coronavirus pandemic still to be contained and the central government’s stimulus measures having limited impact on economic activities and consumer demand, the outlook for the Indian economy for the current financial year has only worsened. In its latest global outlook, the International Monetary Fund (IMF) predicts that India’s GDP will contract by 10.3…

  • Demand in China boosts Indian steel industry

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    Good times seems to be making a return for Indian steel makers as global demand conditions, particularly in largest steel consuming market in China, has pushed up the metal prices worldwide. The immediate impact of the development in China is that Indian steel prices have also firmed up and has shown consistent increase over last…

  • India Set To Be A Top Investment Choice: Survey

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    India will emerge as one of the top three choices for overseas investments in the next 2-3 years, a CII-EY FDI survey report showed on Tuesday. According to the survey, India is the first choice for future investments for more than two-thirds of the MNC respondents. The survey also showed that 25 per cent of…

  • Festive Season To See Increased Spending On Electronics: Survey

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    Despite the pandemic triggered financial crisis, India might witness an increased spending on electronics during the coming festive seasons. A recent study has revealed that a good majority of the people are saving money to spend on white goods. More than 3 in 4 Indians have been saving in the past few months to splurge…

  • India Inc skeptical of govt’s plan to push festive demand

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    As the Finance Minister Nirmala Sitharaman has announced a couple of demand boosting measures along with loans to states for increasing capital expenditure after a lot of anticipation, concerns have again been raised over the adequacy and effectiveness of the measures. As per stock brokerages, the latest demand-moving measures are insufficient and the results are…

  • Fashion Industry Affected as Saudi delays Turkish Imports

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    As the regional tussle between Turkey and its rivals, the Kingdom of Saudi Arabia and the United Arab Emirates gathers heat, the flow of goods and merchandises between these countries is taking a hit. Various fashion brands which house their production facilities in Turkey and import the finished goods to the lucrative markets in the…

  • Tesla To Begin India Pre Launch Activities In January

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    Tesla CEO Elon Musk has further revealed plans for the India entry of the electric car maker, saying the process to bring Tesla cars to India will begin in January 2021. Earlier this month, Musk said the electric car maker is finally ready to enter the India market next year. Reacting to a tweet by…

  • Razorpay becomes newest addition to Indian Unicorn Club

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    Full-stack financial solutions company Razorpay has raised $100 million in its Series D round of funding, making it another Indian unicorn with over $1 billion in valuation, joining the big startup-turned-unicorn league of BYJU’s, Swiggy, Zomato, Paytm and more. The round was co-led by GIC, Singapore’s sovereign wealth fund and Sequoia India, along with participation…

  • Semi Urban, Tier 2 Markets Driving Growth: Honor India Head

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    The semi-urban and tier-2 markets are at the forefront of driving growth in digital and intelligent technologies in India, leading to significant market recovery in the Unlock phase, said a top Honor India executive. The comment comes after the company recently entered the India laptop market and expanded its wearables portfolio in the country. “The…

  • Global PC, Notebook markets clock record climb

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    The global PC market climbed 12.7 per cent from a year ago to reach 79.2 million units in the third quarter of this year, registering the highest growth the market has seen in the past 10 years, according to the latest report from Canalys. After a weak Q1, the recovery in Q2 continued into Q3…

  • Spice operates first charter flight to Georgia

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    Budget airline SpiceJet on Saturday operated its maiden charter flight to Georgia flying 176 students from Chennai to Tbilisi. Accordingly, the airline will operate another charter flight to Georgia from Kochi on Sunday for 174 Indian students. The airline has played a key role in repatriating more than 1.6 lakh stranded Indian and foreign nationals…

  • BR Shetty Files Complaint against Manghat Brothers, Former NMC officials

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    The founder and former Chairman of UAE’s NMC healthcare and Finablr, BR Shetty has moved a complaint against former CEOs and officials of the two companies, alleging them of fraud. He claims that Pramod and Prashanth Manghat who were the CEOs had defrauded him by orchestrating a deception over the group companies’ affairs, Khaleej Times…

  • RBI’s liquidity booster measures push indices up

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    Buoyed by the Reserve Bank’s liquidity boosting measures, the Indian benchmark indices rose for the seventh consecutive session on Friday, making it the best winning streak in almost a year. The markets’ upswing was maintained despite a status quo in key lending rates announced by the RBI. However, analysts noted that gains came on the…

  • MPC decides to maintain lending rates

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    Persistently high inflation fanned in part due to supply side disruptions along with seasonal factors led the Reserve Bank of India to maintain the key lending rates. Accordingly, the Monetary Policy Committee of the central bank in its penultimate meet for 2020, decided to maintain the repo rate – or short-term lending – rate for…

  • ‘Govt’s Reform Push Makes Industry Confident’

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    Continued focus on reform measures ushered in by the government even as the country faces one of its toughest crises during the pandemic, will trigger a faster recovery of the economy with the industry reposing confidence of a bounce back sooner than expected, Confederation of Indian Industry (CII) president Uday Kotak said.Talking about the state…

  • India’s Real Estate Sector Limping Back: Report

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    The Indian real estate sector seems to be recovering from a slump in demand during the nationwide lockdown as sales during the July-September quarter jumped over 100 per cent on a quarter-on-quarter basis across seven major cities, according to a report by PropEquity. Housing sales across these seven cities during the third quarter of 2020…

  • Abu Dhabi’s ADIA picks up 1.2% stake in Reliance Retail

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    Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) announced that a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore into RRVL, a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of Rs 4.285 lakh crore. ADIA’s investment will translate into a 1.20 per…

  • Pepsico looses ‘Mountain Dew’ trademark suit in India

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    Hyderabad based Magfast Beverages has won the battle against beverages MNC, Pepsico for the use of trademark, Mountain Dew. Magfast Beverages Chairman Syed Ghaziuddin said that they started selling packaged drinking water named ‘Mountain Dew in the year 2000. “In 2000, I started a company to sell water to the people of Hyderabad as well…

  • London Transport Body Puts Ola’s Licence On Hold

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    Ride-hailing major Ola has failed to get its licence renewed in London due to public safety concerns raised by the city’s transport regulator. The company will continue its operations in the city despite the legal hurdle. Ola said that it will appeal against the decision of Transport for London (TfL). Under the rules, a company…

  • ‘Indian Economy Clearly On Recovery Path’

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    “The number of people trading in Indian markets increased initially due to the lockdown. So effectively, we see a lot of people coming into the market not only for equities but for the trading part of it because people are sitting at home and want to trade,” says Bombay Stock Exchange MD and CEO Ashishkumar…

  • Paytm launches own app store

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    In a bid to support Indian app developers, leading digital payments platform Paytm on Monday launched an Android Mini App Store to support local developers take their innovative products to the masses. Paytm said it will provide listing and distribution of these mini-apps within its app without any charges. For payments, developers will be able…

  • India Inc expects recovery in H2 FY21: CII Poll

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    The business fraternity expects a steady recovery in the Indian economy during the second half of the financial year 2020-21, shows a poll of CEOs done by CII. A statement by the industry body said that India Inc is estimating a capacity utilisation of over 50 per cent during October-March in FY21. “A steady recovery…

  • Positive signs seen in Sep: Economic Review

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    A report by the Department of Economic Affairs (DEA) claims that various signs of economic improvement were seen in India in the month of September. The report also gives credit to the packages put forward by the government. The ‘Monthly Economic Review’ for September 2020 cited the estimated growth in the Kharif foodgrain output for…

  • Traders body wants digital payment to curb infection through currency

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    The Confederation of All India Traders (CAIT) on Sunday said that the RBI had affirmed the possibility of currency notes as potential carriers of novel coronavirus and demanded government incentives for digital payments. The development comes after CAIT wrote a letter to Union Finance Minister Nirmala Sithraman on March 9, 2020 seeking clarification whether or…

  • ‘India needs to move beyond raw material export’

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    Union minister Piyush Goyal has said that India needs to move beyond exporting raw materials and improve its manufacturing capabilities to supply high-quality products to the world. He said that ‘Aatmanirbhar Bharat’ effectively is all about building Indian capabilities, quality, scale, implementing good manufacturing practices, bringing best of technologies along with improving the standards that…

  • Mahindra launches all new Thar

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    Automobile major Mahindra & Mahindra (M&M) on Friday launched the all-new Thar SUV. According to the company, the all-new Thar will be available in two trims, “AX” and “LX”, with prices starting at Rs 9.80 lakh for the AX series and Rs 12.49 lakh for the LX series. It comes with two engine options, the…

  • Tesla to enter India next year

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    Tesla CEO Elon Musk said on Friday that the electric car maker is finally ready to enter the India market in 2021. Musk revealed his plans to bring Tesla cars to India in his response to a Twitter post that asked about the progress on Tesla’s planned entry into India. “Next year for sure,” Musk…

  • India’s merchandise exports grow over 5% in Sep

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    Amid a push for a self-reliant India and growth of domestic industries, the country’s merchandise exports registered a 5.27 per cent growth in September on a year-on-year basis, Union Commerce Minister Piyush Goyal said on Thursday. Total merchandise exports from India stood at $27.40 billion last month, compared to $26.02 billion in September 2019. In…

  • Manufacturing Up, Payrolls Down In September

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    Higher demand accelerated India’s manufacturing sector growth in September. Additionally, the IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) report released on Thursday cited a renewed expansion in export sales and input stocks as well as an improvement in business confidence during September. Even with an increase in manufacturing, the producers continue to cut down…

  • American Airlines fires 19,000 workers

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    It would reverse the move if Congress reaches a deal to extend aid…said Doug Parker…Reports Asian Lite News At least 19,000 American Airlines workers will be furloughed from Thursday, the Texas-based airline said in a statement, adding that it would reverse the move if Congress reaches a deal to extend aid. In the statement issued…

  • SEBI Amends delisting, Debenture Trustee Rules

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    The Securities and Exchange Board of India (SEBI) has decided to amend regulations for delisting of equity shares, stipulating that the shares of the parent listed company and the listed subsidiary entity should be listed for at least three years and should not be suspended at the time of the delisting process. Further, the subsidiary…

  • Happiest Minds IPO takes Soota to the Rich List

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    IT sector veteran and Happiest Minds’ founder Ashok Soota has made it to the Hurun India rich list for the first time, backed by a bumper IPO of his company. With a wealth of Rs 3,700 crore, Soota’s ranking on the IIFL Wealth Hurun India Rich List 2020 stood at 282nd. The IPO of Happiest…

  • Mukesh Ambani tops Hurun India Rich List for the Ninth Year

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    Mukesh Ambani, Chairman of India’s most valued firm Reliance Industries, continues to top the IIFL Wealth Hurun India Rich List 2020 for the ninth consecutive year, with a total wealth of Rs 6.58 lakh crore. His total wealth has surged by 73 per cent in the last 12 months, propelling him to become the richest…

  • IATA foresees 66% fall in Air Traffic

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    The International Air Transport Association (IATA) has downgraded the traffic forecast for 2020 to reflect a weaker-than-expected recovery. “IATA now expects full-year 2020 traffic to be down 66 per cent compared to 2019. The previous estimate was for a 63 per cent decline,” the association said in a statement. According to IATA, August passenger demand…

  • Cleveland-Cliffs takes over ArcelorMittal USA

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    ArcelorMittal has signed a definitive agreement to sell 100 per cent stake in ArcelorMittal USA to Cleveland-Cliffs Inc for around $1.4 billion in both cash and stock. ArcelorMittal, in a statement on Monday, said that around one third of the consideration is in upfront cash – $505 million and the remaining two-third of the consideration…

  • Skin HQ founder Danis bags prestigious Award

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    The prestigious ‘Great British Entrepreneur Awards’ has chosen the founder of  Skin HQ, Haroon Danis, as the first Fashion & Beauty Entrepreneur of the Year for the north west. The announcement was made at the regional finals, which was held virtually due to the pandemic situation. The Fashion & Beauty Entrepreneur of the Year award,…

  • Media Impacts of Business Movement during Pandemic

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    Napoleon is normally associated as citing Britain as a nation of shopkeepers when in fact the phrase was first coined in the late 18th Century by Bertrand Barère de Vieuzac, the French revolutionary. Little did they both know that eventually, Britain would become a nation of Asian shopkeepers!  Point being that it is long accepted…

  • IPL is India’s great soft power tool

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    Last week while visiting my sister-in-law Jenny and her husband John at their home in Suffolk the talk turned to sport as it often does. Both Jenny and John have a keen interest in sport, and it is always enjoyable to talk to them about sports. What surprised me was when Jenny asked me about…

  • Rajasthan mulls ways to reinvigorate tourism

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    The World Tourism Day is being celebrated on Sunday amid the coronavirus pandemic with the theme “Tourism and Rural Development”. One of India’s prime tourist attractions, Rajasthan is pondering ways to reinvigorate the activity in the sector. The Rajasthan government’s new tourism policy complements the theme keeping rural tourism in focus. The Rajasthan government’s new…

  • Vodafone wins tax arbitration against India

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    Vodafone has won the case against India over a retrospective tax demand of more than Rs 20,000 crore. The Permanent Court of Arbitration at The Hague has ruled that the conduct of India’s tax department is in breach of “fair and equitable” treatment. Voafone had moved the International Court of Justice (ICJ) in 2016 due…

  • Microsoft and Telstra partner to harness next-gen Cloud, IoT

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    Microsoft and Australias leading telecommunications company Telstra have extended their long-standing strategic partnership to harness new-age Internet of Things (IoT), Edge, artificial intelligence (AI) and digital twin technologies. Telstra and Microsoft will build a digital twin across its own commercial buildings with an initial deployment of five buildings. When fully deployed, this represents one of…

  • Low Crude Prices Help India Fill SPR to the Brim

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    Taking advantage of low prices in major oil-producing centres in Saudi Arabia and UAE, India has filled up its strategic crude oil reserves to meet its energy needs in times of emergency and saved a neat $685.11 million in the process. It bought crude oil at an average price of $19 per barrel to fill…