Clean energy project cancellations: Andhra faces global arbitration threat
Leading global financiers have warned the Indian government, through the Ministry of External Affairs (MEA), that they might drag Andhra Pradesh (AP) to international arbitration for cancelling clean energy projects. These were scrapped by the state government in July, citing wrongful bidding. Read more.
Telecom tariff: Jio to follow Airtel, Voda Idea, raise rates in a few weeks
Reliance Jio, which disrupted the telecom market ever since its commercial launch in 2016, has decided to follow rivals Bharti Airtel and Vodafone Idea in raising mobile phone tariffs. Having kicked off a no holds barred tariff war three years ago, the Mukesh Ambani-owned firm is now stepping back. Read more.
Voda Idea, Airtel lost over 4.9 mn users in Sep; Jio and BSNL gained: Trai
Vodafone Idea and Bharti Airtel lost over 49 lakh users in September this year, while rival Reliance Jio added 69.83 lakh new users to its network, according to data from sectoral regulator TRAI. Read more.
PSBs have reported Rs 95,700-crore frauds in first 6 months of FY20: FM
Public sector banks (PSBs) reported frauds of over Rs 95,700 crore in the first six months of the current financial year, Parliament was informed on Tuesday. Read more.
Expansion plans, new formats help Tata Starbucks grow 26% in Sep quarter
Amid an ongoing slowdown, Tata Starbucks – the 50:50 joint venture between Tata Global Beverages (TGBL) and US-based Starbucks Coffee — continues to grow its business. It posted 26 per cent revenue growth in the September quarter, backed by expansion in new geographies and growth in existing store sales. Read more.
High festive-season discounts bring much-needed respite to auto dealers
Retail sales of vehicles saw an uptick in October on the back of attractive festive season offers, according to automobile dealers. Read more.
Kashmir shutdown caused $1-bn losses, will sue govt, says trade body
Economic losses in Kashmir have run well over a billion dollars since India revoked its autonomy and statehood in August, the main trade body in the Himalayan region said, adding that it planned to sue the government for damages. Read more.
Listed commercial banks report Rs 6,675-crore net profit in Sep quarter
Listed commercial banks posted a combined net profit of Rs 6,675 crore for the September quarter of FY20, with an improvement in interest income and a dip in provisions for stressed loans. They had reported net loss of Rs 3,918 crore in the corresponding quarter last year. Read more.
Retail framework for small stores on cards
To ensure small neighbourhood stores can better cope with competition from e-commerce platforms which have been gaining ground, India is preparing a national retail framework. The programme could include support to adopt electronic payments, one-time registration fees and soft loans for working capital, reports The Economic Times.
Royal Enfield may bid adieu to 500cc bikes from early next year
Royal Enfield Motors Ltd’s 500cc motorcycles could be the latest casualty claimed by India’s shift to more stringent fuel emission norms from next April. These motorcycles are offered under the Classic, Thunderbird and Bullet brands, and have been in production for nearly three decades, reports LiveMint.