Business

New Delhi: Reduction in GST rate and introduction of scrappage policy would help in reviving the commercial vehicle sector which has been facing headwinds for quite for some time now, a top Ashok LeylandNSE 5.68 % official said. The Hinduja Group flagship company also expects the situation due to the current downturn in the industry, most recently due to the coronavirus pandemic, to improve gradually during the current fiscal. “The answer is yes, it certainly will,” Ashok Leyland MD and CEO Vipin Sondhi told when asked if the GST rate…

State Bank of India (SBI) – the country’s largest lender by assets – on Friday reported a net profit of Rs 3,580.81 crore for the quarter ended March 31. That marked a surge of more than four times compared to its profit of Rs 838.40 crore in the corresponding to period of a year ago. The financial results by State Bank of India (SBI) come at a time when the country is in the 5th  phase of a nationwide lockdown to battle the spread of the coronavirus pandemic, which has battered the…

The government is negotiating with banks to give loans to the small businesses at a lower interest rate of around 7.5-8 %, Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said on Friday. He was interacting with the MCCI members on a webinar where he heard the concerns of the members about overcoming the COVID-19 induced crisis on the economy and human lives. Adequate & cheaper credit is the mainline demand of the industry in these difficult times. Regarding schemes of the government where it provides a…

Jio Platforms is set to raise Rs 13,640.4 crore by selling a 1.85 Per cent stake to Mubadala Investment Co., Abu Dhabi’s second-largest sovereign investor, and an additional 0.93 Per cent stake to US private equity player Silver Lake  and its co-investors. This is the sixth tranche of investments in six weeks for the digital and telecom business unit of Reliance Industries. The investment of Rs 9,093.6 crore from Mubadala is a fresh one and was announced early on Friday, and helped push the shares of RIL to an all-time high….

NEW DELHI: Shares of “Reliance Industries Ltd.” traded 1.51 % up in Friday’s trade at 09:18AM (IST). Around 64,912 shares changed hands on the counter. The counter opened at Rs 1601.9 and touched the intraday high & low of Rs 1617.7 and Rs 1595.0, respectively, in the session so far. Shares of the company of Reliance Industries Ltd. quoted a 52-week high of Rs 1617.7 and a 52-week low of Rs 867.11. Total market cap of the Reliance Industries Ltd. stood at Rs 1013648 .crore at the time of writing this…

Samsung is offering extended warranty to all customers in India whose warranty expired between March 20 and May 31. The warranty across all Samsung products in the country has been extended till June 15. The decision is particularly beneficial for customers residing outside containment zones, however, customers residing in the latter might face problems as they are placed under lockdown till June 30. Samsung in April had also extended warranty on its products owning to the coronavirus pandemic. At that time, the warranty was extended till May 31. The announcement…

On the International World Bicycle Day, which falls on June 3rd, Atlas Cycles (Haryana) Limited pasted a notice outside its production plant in Sahibabad announcing temporary lay off of its employees. Mahesh Kumar, a leader of worker union from the unit told reporters that close to a thousand workers used to work in the factory. “This notice should have been given in advance, atleast a week before to all the employees. We were called to duty for two days and then suddenly we found this notice pasted today. Many people…