Etihad, two others submit financial bid for Jet Airways
NEW DELHI: The State Bank of India-led consortium of lenders to Jet Airways Friday said it has received bids from Etihad Airways and from a few unsolicited parties to acquire stake in the grounded airline. The consortium of 26 lenders, which now owns 51 percent in the airline, had invited expressions of interest between April […]
SBI reports net profit of Rs 838 crore in Mar 2019 quarter; trims bad loan ratio
NEW DELHI: Country’s largest lender SBI on Friday said it has reported net profit of Rs 838.40 crore in fourth quarter of 2018-19 fiscal on a standalone basis as non-performing assets (NPAs) came down. The state-owned lender had witnessed a net loss of Rs 7,718.17 crore during the corresponding January-March quarter of 2017-18. Income (standalone) […]
RIL to acquire British toy-maker Hamleys for Rs 620 crore
NEW DELHI: Mukesh Ambani-led Reliance Industries Thursday announced it will acquire iconic British toy-maker Hamleys for 67.96 million pounds (around Rs 620 crore) in an all-cash deal. Hamleys, a 259-year-old toy-maker, has struggled to generate profits in recent times. It reported a profit after tax of 2.44 million pounds in 2018 after suffering a loss […]
Google Pixel 3a, 3a XL to hit India from May 15; priced at Rs 39,999 onwards
NEW DELHI: Tech giant Google’s latest generation of smartphones – Pixel 3a and Pixel 3a XL – will make their way into the Indian market priced at Rs 39,999 onwards from May 15. These handsets, which are cheaper than their predecessors, compete with devices from the stables of Apple, Samsung and OnePlus in the burgeoning […]
Meeting of the 15th Finance Commission with the Reserve Bank of India
NEW DELHI: The 15th Finance Commission headed by Chairman, N.K. Singh today held a detailed meeting with the Governor and Deputy Governors of RBI in Mumbai today. Key issues raised by RBI Governor, Shaktikanta Das and Finance Commission Chairman, Singh were discussed in detail at the meeting. These issues included the following:– · The necessity […]
Facebook chooses London as base for WhatsApp payments: Report
LONDON: Facebook will launch WhatsApp Pay from London before it rolls out digital payments in India, said a media report on Wednesday. WhatsApp, which has1.5 billion users globally, will hire nearly 100 people in London to focus on the digital payments service and additional operations staff would be hired in Dublin, the Financial Times reported. […]
Trump taxes show losses of $1.7 billion over decade: report
WASHINGTON: President Donald Trump’s taxes show that he lost 1.7 billion over a decade starting in the mid-1980s, The New York Times reported on Tuesday. Trump’s apparent losses are greater than nearly any other individual American taxpayer, so much so that he managed to avoid paying income taxes for eight of the 10 years. Trump’s […]
With Medlife “health comes home” indicate the brand’s new TVCs
NEW DELHI: India’s online pharmacy Medlife has recently released new TVCs highlighting its standing as a holistic healthcare provider. Conceptualized by Lowe Lintas, Medlife’s new campaign unveils its tagline “Health comes Home” and showcases the brand’s various offerings with pithy and humorous messaging. Each TVC underscores the company’s commitment to its core brand value of securing […]
Indian Overseas Bank looks to raise Rs 850 crore via sale of non-core assets
NEW DELHI: Public sector Indian Overseas Bank on Monday plans to raise about Rs 850 crore during the current financial year through sale of non-core assets to augment capital. In a notification to the BSE, the city-based bank said it plans to raise the amount from sale of properties and investments. “The bank is currently […]
US to propose hike in H-1B application fee: Labour Secretary
By Lalit K Jha WASHINGTON: The Trump administration is proposing a hike in the H-1B visa application fee to increase funding for the expansion of an apprentice programme, which trains American youths in technology related activities, Labour Secretary Alexander Acosta told US lawmakers. Testifying before a Congressional committee on annual budget of the Department of […]
GMR to raise USD 350 million via bonds for Delhi airport
NEW DELHI: Delhi International Airport Ltd, a GMR group company, plans to raise USD 350 million through 10 year senior secured bonds for the airport expansion programme and Moody’s has assigned a Ba2 rating for the proposed bonds. Proceeds from the proposed bond would be used to help fund a major expansion to increase the […]
Marico Q4 net zooms over two-folds to Rs 405 crore
NEW DELHI: Homegrown FMCG major Marico on Monday posted over two-fold increase in consolidated net profit at Rs 405 crore for the fourth quarter of 2018-19, aided by one-time write-back of tax provisions amounting to Rs 188 crore. The company had reported a net profit of Rs 183 crore in the corresponding period of fiscal […]
Piramal Enterprises signs MoU with Canada Pension Plan Investment Board
NEW DELHI: Piramal Enterprises Limited (PEL) today signed a Memorandum of Understanding with Canada Pension Plan Investment Board (CPPIB), a Canadian pension fund, to co-sponsor a renewable energy focused Infrastructure Investment Trust (InvIT). With an initial corpus of US$ 600 million, and the option to scale further, the InvIT would seek to acquire up to […]
Bharti Airtel Q4 net profit up 29% at Rs 107 crore; revenue rises 6.2%
NEW DELHI: Telecom operator Bharti Airtel on Monday posted a surprise net profit of Rs 107.2 crore for the fourth quarter ended March 31, a growth of 29.3 per cent over the year-ago period, on the back of exceptional gain of Rs 2,022 crore. The company’s revenue for March quarter was up 6.2 per cent year-on-year to Rs 20,602.2 […]
Polavaram water only by next year
AMARAVATI: Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday ruled out supplying water by gravity this year from the partially complete Polavaram project. Also, he has revised the project completion deadline to June 2020 against December 2019 as was promised earlier. “Unless there is a massive flood (in river Godavari) of 15-16 lakh cusecs, […]
India headed for slowdown; Narendra Modi government left economy in ‘dire straits’: Manmohan Singh
By Sanjeev Chopra NEW DELHI: Former prime minister Manmohan Singh on Sunday said India is headed for an economic slowdown and accused the Narendra Modi government of leaving the economy in dire straits due to its “lack of economic vision”. Citing the latest economic growth figures to suggest an impending slowdown, the senior Congress leader […]