Page 2604 - Business Finance

Walmart unit asked to explain India business model after Flipkart acquisition

(Reuters) - Walmart Inc's unit has been asked to explain its business model in India after its acquisition of e-commerce platform Flipkart, following an objection raised by a local traders body.

Ashok Leyland inaugurates electric vehicle facility

Commercial vehicles major Ashok Leyland Ltd on Friday said it has inaugurated its electric vehicle (EV) facility in its plant at Ennore here.

Policy on EVs in the pipeline: PM Modi

Calling mobility a "key driver" of the economy, Prime Minister Narendra Modi on Friday announced that his government will soon issue a policy on electric vehicles and those based on alternative fuels.Addressing the first edition of 'MOVE: Global Mobility Summit' here, the Prime Minister said, "We will soon put in place a stable policy on electric vehicles and other alternative vehicles. We will do whatever it takes because it is our commitment to heritage and our future generations. India has inherent strength and comparative advantage. We have fewer vehicles per capita than other economies. We do not carry the legacy of other economies which were built on private car ownership."Calling upon the young entrepreneurs for strides, the Prime Minister said, "Mobility is a key driver of the economy. Better mobility reduces the burden of travel and transportation and can boost economic growth. It is already a major employer and can create the next generation of jobs.""Indeed, India is on the

TV and Online shopping channel 'Prathem Bazar' launched

Prathem Link D2H Service has announced the launch of Prathem Bazar, a 24/7 home shopping channel in TV commerce and online segment in India.Prathem Bazar (Aap ke Liye), the pioneer in TV and online shopping in India, is a leading interactive, multi-channel retailer that bridges the gap among customers, dealers and market enthusiasts.It works on a unique business model with updated ERP software technology and group of technical experts that gives users a complete home shopping experience."We are extremely happy to announce our new step of entering into the television segment. Prathem Bazar will make the whole experience of buying easier for customers from tier I, tier II and tier III cities. Our vision is to reach out to every household of the country with the maximum products in every category," said Ashutosh Bajpai, Managing Director, Prathem Link D2h Services Pvt. Ltd.The new channel will bring together a perfect balance between TV and online shopping at one single platform, which ..

Stocks register modest gains

Key benchmark indices logged modest gains on last trading day of the week led by index pivotals Reliance Industries, Mahindra & Mahindra and ICICI Bank. The barometer index, the S&P BSE Sensex, gained 147.01 points or 0.38% at 38,389.82. The Nifty 50 index rose 52.20 points or 0.45% at 11,589.10

China to increase export tax rebates on 397 products

BEIJING (Reuters) - China said on Friday it will increase export tax rebates for 397 items ranging from some steel products to electronic ones, in a bid to boost prospects for shipments amid its trade war with the United States.

Playtech offloads Plus500 stake for $228 mln ahead of Italy buy

(Reuters) - Playtech said it has sold its 10 percent stake in retail online trading platform Plus500 for about 176 million pounds ($228 million) as it looks to refinance debt.

Equity indices end in green as auto stocks surge, rupee recovers

The key Indian equity indices closed in the green on Friday supported by healthy buying activity in the auto stocks and a recovery in the rupee from its from its previous close.

Young entrepreneurs showcase ideas at American Centre

Budding entrepreneurs from eastern and northeastern states converged at the American Center here Friday to showcase their ideas to investors as part of an initiative by US consulate and social enterprise Contact Base. Welcoming the participants, US Consul General in Kolkata Patti Hoffman said the programme will empower youth and women leaders and strengthen links between entrepreneurs of the two countries. "The Y4BIZ (Youth for Business) initiative will stimulate local economic growth, open new markets for US companies and increase global prosperity," the envoy said. The 15 participating start-ups included 'Techprolabz - The School of Robotics' from Bihar, 'The Layman's Lawyer' of West Bengal, 'Wonda Box' of West Bengal and 'Techno Works' of Assam among others. Tanushree Nandan of 'The Layman's Lawyer' said, "Our online law firm provides global-standard legal services through mail, tele-conferencing, video-conferencing. Such meets will help people learn about the ...

Bajaj Auto shares surge over 5%; m-cap rises by Rs 4,072 cr

Shares of Bajaj Auto Friday surged over 5 per cent on the back of the company's plans to expand three-wheeler and quadricycle capacity to one million units per year. The stock soared 5.06 per cent to settle at Rs 2,924 on BSE. During the day, it gained 5.41 per cent to Rs 2,934. At NSE, shares of the company surged 5.13 per cent to close at Rs 2,926. The company's market valuation rose by Rs 4,071.92 crore to Rs 84,610.92 crore on BSE. "Bajaj will shortly enhance its production capacities of three-wheelers and quadricycles to one million per year," Bajaj Auto said in a statement Thursday. The Pune-based auto major is the market leader with 86 per cent market share in the alternate fuel three-wheelers segment.

Indian Overseas Bank revises MCLR

With effect from 10 September 2018

Mutual Funds' asset base reaches all-time high of Rs 25 lakh crore

Mutual funds' asset base touched a record Rs 25 lakh crore in August-end, a surge of 8.41 per cent over the previous month, on the back of robust inflow in liquid funds and strong participation from retail investors. According to Amfi data, the asset under management (AUM) of the industry, comprising 42 players, was Rs 23.06 lakh crore at the end of July. The total asset base of all the fund houses put together was Rs 20.6 lakh crore in August last year. The monthly rise in the asset base is mainly due to the industry body's investor awareness campaign and strong participation from retail investors, Amfi chief executive N S Venkatesh said. Besides, Systematic Investment Plans (SIPs) continue to be the fancy of retail investors and people continue to invest through the route as it allows investors to invest in small amounts periodically instead of lump sum, he added. He further said that SIP helps in rupee cost averaging and also in investing in a disciplined manner without worrying ...

Kingfisher's France boss replaced, top team reshuffled

LONDON (Reuters) - Kingfisher, Europe's second biggest home improvement retailer, has replaced the boss of its underperforming French business with the leader of its largest British operation.

Sensex and Nifty rise, wrap up worst week since end June

(Reuters) - Indian shares ended higher on Friday helped by gains in energy and automobile stocks as the rupee regained some lost ground, but the benchmark indexes logged their worst week since end June.

We must face China together, new U.S. envoy to Brussels tells EU

BRUSSELS (Reuters) - The United States and the European Union must overcome their trade disputes and stand up to China's "economic aggression" together, U.S. President Donald Trump's new ambassador to the European Union said on Friday.

Hedge fund Elliott calls for fresh revamp at Hyundai Motor Group

SEOUL/NEW YORK (Reuters) - U.S. activist hedge fund Elliott Management made fresh proposals to restructure Hyundai Motor Group on Friday, renewing pressure on the South Korean conglomerate months after forcing it to abandon its own plan.

ABB unveils fast charging system to power a car in 8 mins for 200KM

Power major ABB Friday unveiled its fast-charging system, which can power batteries of a car in flat 8 minutes to run up to 200 KM at Move Global Mobility Summit in the capital. "For the first time in India, ABB showcased the Terra HP fast-charging system, which can power up a car for 200 km in just a single charge in just 8 mins. It is ideally suited for highway rest stops and petrol stations, where the highest power is required to minimize charging time," an ABB statement said. According to the statement, ABB CEO Ulrich Spiesshofer was present here at the MOVE Global Mobility Summit 2018 at Vigyan Bhavan. He was one of the key industry leaders to deliver his views at the inaugural session in the presence of Prime Minister Narendra Modi. In his address, Ulrich commended the Indian government for its ambitious and enlightened vision for transforming the transport system to e-mobility. He further highlighted some of ABB's technologies with which they look forward to support India's ...

Sensex builds on gains for 2nd day as Re recovers; auto leads rally

Markets remained in better form for the second straight session Friday, with the Sensex closing over 147 points higher as auto shares zoomed on sustained buying by domestic institutional investors amid the rupee staging a recovery. The rupee was trading higher by 29 paise at 71.70 (intra-day) against the dollar at the forex market. The domestic unit had hit a fresh life-time low of 72.11 before settling at 71.99 Thursday. Trading sentiment got a massive lift following the government's decision to exempt electric vehicles (EVs) and automobiles run on alternative fuels from permit requirements in a bid to boost such vehicles in the country, brokers said. Hero MotoCorp, Bajaj Auto, M&M and Tata Motors were the major winners. After a sharp fall of some 880 points over the last few sessions on depreciating rupee and surging crude oil prices, the Sensex has been on the mend in the past two sessions. After a higher opening, the BSE Sensex hit a high of 38,421.56 as buying activity ...

San Marino considers $350 million IMF loan to shore up banks - sources

MILAN (Reuters) - Europe's San Marino is considering asking the International Monetary Fund (IMF) for a loan of up to 300 million euros ($350 million) to shore up its banks, which are crippled by bad debts, two sources said.

Walmart-Flipkart deal: NCLAT seeks to know the firms' business model

NCLAT enquired about its business model under an appeal filed against the Walmart-Flipkart deal