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…
Read MoreCategory: Business
Business
API startup Postman in talks with Insight Partners to raise new funds at $2 billion !!
Software as a Service (SaaS) company Postman is in advanced talks with New York-based investment fund Insight Partners to raise around $150 million at a valuation of $2 billion, two people in the know of the deal details said. Postman is a collaboration platform for managing, developing and testing application programme interfaces (APIs). APIs are a set of tools for building applications used by software developers. Postman, among the buzziest Indian SaaS companies, was valued at $350 million just a year ago, and if the deal goes through it will be one of the biggest…
Read MoreSBI Profit Jumps Over Four-Fold To Rs 3,581 Crore In March Quarter !!
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…
Read MoreGovernment In Talks With Banks To Provide Loans To Small Businesses At Up To 8% Interest !!
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…
Read MoreJio Platforms to raise Rs 13,640 crore more from Mubadala, Silver Lake !!
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….
Read MoreReliance Industries shares up nearly 2% !!
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…
Read MoreSamsung Extends Warranty on All Products in India Till June 15 Owning to Coronavirus Lockdown !!!
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…
Read MoreOn World Bicycle Day, Atlas Cycles announces temporary layoffs!!
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…
Read MoreForeign businessmen, engineers and healthcare professionals can get visas to enter India!!!!
The Home Ministry of India has allowed foreign businessmen, engineers and healthcare professionals to enter the country on the condition of that they will get their visas re-validated and fly into the country in chartered flights, a government statement on Wednesday said. The home ministry order is seen as the first, cautious step to allow foreigners to enter in the country, particularly in context of the government’s efforts to restart the economy again. The home ministry order covered four broad categories of foreigners who can enter the country in non-scheduled…
Read MorePM’s First Major Address On Economy After Unlock1 !!!!
New Delhi: Prime Minister Narendra Modi addressed the annual session of the top industrial body – the Confederation of the Indian Industry – this morning, his first major speech on multiple aspects relating to the economy since the government announced a phased plan to reopen India after two months of lockdown to tackle Covid-19. In his speech, PM Modi stressed on five “I”s. “To bring India back on track for fast-paced growth, five things are very important: Intent, Inclusion, Investment, Infrastructure, Innovation,” he said. “The need of the hour is that more and more…
Read More