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Business / The Times of India

Adani group to begin coal export from Australia mine

The Adani group will export the first coal from its Australian mining project this year, riding out a series of lawsuits and public litigation initiated by environmental activists. The groups Australian business arm Bravus Mining & Resources on Thursday said it has exposed the first of the coal seams for mining at the Carmichael mine in Australias Queensland province.

24 Jun 2021 10:51 pm
Ambani throws a $10bn clean energy challenge at rivals

Reliance Industries Ltd will spend Rs 75K cr, or over $10 billion, on adding giga-size clean energy knowledge and manufacturing verticals to its diversified business empire over the next 3 years. The company will target to achieve costs that are lowest in the world to ensure affordability of our solar modules and enable at least 100 GW of solar energy capacity by 2030.

24 Jun 2021 10:51 pm
Jio's 'made in India' 5G solution globally competitive: Ambani

Reliance Jio, together with partners, has tested its 5G solutions in India and successfully demonstrated speeds of over 1 GBPS, RIL chairman Mukesh Ambani said on Thursday, adding its 'made in India' solution is globally competitive.

24 Jun 2021 9:51 pm
'Insurance cos settle over 15.39L Covid health claims'

Insurance companies have settled 80 per cent or 15.39 lakh Covid-19 health claims amounting to Rs 15,000 crore as on June 22, an Irdai member said. Insurance players have received about 19.11 lakh Covid-19 health claims so far.

24 Jun 2021 9:51 pm
JioPhone Next, Aramco deal: Highlights of Reliance AGM

Reliance Industries chairman Mukesh Ambani on Thursday announced a series of new initiatives that the company is slated to undertake in its vision of achieving three-fold higher growth in the next five years. Addressing the company's 44th annual general meeting (AGM) virtually, Ambani said that RIL raised a record Rs 3.24 lakh crore in capital from stake sale in units, rights issue and asset monetisation.

24 Jun 2021 8:51 pm
India presses Opec for affordable oil price

With domestic retail fuel prices jumping to record high on rising international oil rates, India on Thursday pressed oil cartel Opec for 'affordable' oil price within a 'reasonable band' and that the producers should phase out production cuts.

24 Jun 2021 8:51 pm
Ghaziabad 'assault' video: No coercive action against Twitter India MD, Karnataka HC says

The Karnataka high court on Thursday granted interim relief to Twitter India managing director Manish Maheshwari in connection with Ghaziabad assault video that surfaced on social media a few days back. The HC also directed Ghaziabad police that no coercive action will be taken against him. The Police can examine Twitter MD through the virtual mode, the HC order said.

24 Jun 2021 5:51 pm
Mukesh Ambani announces Rs 75,000 crore investment in clean energy

Billionaire Mukesh Ambani on Thursday announced a Rs 75,000 crore investment in setting up four 'Giga' factories to make solar photovoltaic cells, green hydrogen, batteries and fuel cells over the next three years.

24 Jun 2021 4:51 pm
Sensex rises 393 points led by gains in IT, banking shares; Nifty settles near 15,800

Equity indices jumped on Thursday with the benchmark BSE sensex rising nearly 400 points led by gains in IT and banking stocks. The 30-share BSE index surged 393 points or 0.75 per cent to close at 52,699; while the broader NSE Nifty moved 104 points or 0.66 per cent higher to settle at 15,790.

24 Jun 2021 4:51 pm
Google says in cloud partnership with India's Jio in boost to 5G plans

Alphabet Inc's Google is forging a cloud partnership with Reliance Jio Infocomm Ltd, helping the country's biggest wireless carrier with tech solutions for its enterprise and consumer offerings as it plans to launch 5G services.

24 Jun 2021 3:51 pm
Covid made people realise importance of public systems: Azim Premji

Wipro founder Azim Premji said the pandemic has made people realise the importance of public systems, not just in healthcare but also a system that emphasises social security, data collection and scientific research.

24 Jun 2021 2:51 pm
S&P lowers India's FY22 GDP growth forecast to 9.5%

S&P Global Ratings on Thursday revised its GDP growth forecast for India to 9.5 per cent for the fiscal year ending March 31, 2022 due to a severe Covid-19 pandemic wave.

24 Jun 2021 2:51 pm
Ghaziabad assault case: Twitter India MD expected to join probe

Twitter India's managing director Manish Maheshwari is expected to appear in person before the Ghaziabad Police on Thursday in connection with a probe related to the assault of an elderly Muslim man here recently, officials said.

24 Jun 2021 11:51 am
Govt eases norms for voice BPOs; allows seamless connectivity

To cement India's position as a preferred global outsourcing hub, the government on Wednesday liberalised guidelines for voice-based BPOs removing the distinction between domestic and international units, permitting interconnectivity between all types of OSP centres, reducing compliance burden and increasing operational flexibility for players.

23 Jun 2021 11:50 pm
Oil jumps to more than 2-year high as US supplies tighten

Oil prices rose on Wednesday, with Brent climbing above $76 a barrel to its highest since late 2018, after data showed US crude inventories declined and reinforced views of a tightening market as travel picks up in Europe and North America.

23 Jun 2021 9:50 pm
Infosys' Rs 9,200cr share buyback to open on June 25

Infosys will commence its up to Rs 9,200 crore buyback from June 25, wherein the IT major intends to buy back shares at a maximum price of Rs 1,750 apiece.

23 Jun 2021 8:51 pm
India's total FDI inflow rises 38% in April, says Centre

India recorded a 38 per cent rise in its foreign direct investment (FDI) inflows on a year-on-year (y-o-y) basis, data released by government showed on Wednesday. Total FDI inflows stood at $6.24 billion in April this year as compared a total of $4.53 billion during the same period last year.

23 Jun 2021 8:51 pm
Moody's cuts India's growth forecast to 9.6% for 2021

Moody's Investors Service on Wednesday slashed India's growth projection to 9.6 per cent for 2021 calendar year from its earlier estimate of 13.9 per cent, and said faster Covid vaccination will be paramount in restricting economic losses to June quarter.

23 Jun 2021 7:51 pm
Cases against fugitives, economic offenders to be actively pursued: Nirmala Sitharaman

Finance minister Nirmala Sitharaman on Wednesday said the government will actively pursue cases against economic offenders to bring back defrauded money of banks.

23 Jun 2021 7:51 pm
Warren Buffett resigns as trustee of Gates Foundation

Billionaire investor Warren Buffett said on Wednesday he was resigning from his position as trustee of the Bill and Melinda Gates Foundation (BMG), one of the world's largest private charitable organisations. Bill Gates and his wife Melinda, co-founders of the foundation, filed for divorce in May after 27 years of marriage but pledged to continue their philanthropic work together.

23 Jun 2021 5:50 pm
UK court refuses Nirav Modi's application to appeal against extradition to India

A UK high court on Wednesday rejected fugitive diamond merchant Nirav Modi's application to appeal against his extradition to India. Nirav Modi, accused of defrauding PNB of around $2 billion (Rs 14k cr), had lodged an appeal in the London high court last month. On April 15, 2021, UK home secretary Priti Patel had ordered the 50-year-old diamantaire be extradited to India.

23 Jun 2021 4:50 pm
Kotak Mahindra Bank enables mobile numbers-based fund transfer

Kotak Mahindra Bank has introduced a Pay Your Contact feature on its mobile banking app that allows customers to send money or make payments to any of their contacts across all payment apps simply by entering the beneficiarys mobile number.

23 Jun 2021 2:50 pm
No I-T scrutiny on cash deposits up to Rs 2.5 lakh by housewives post-demonetisation: ITAT

Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee.

23 Jun 2021 2:50 pm
SBI consortium sold Vijay Mallyas share worth Rs 5,825 crore, recovered 70% loss

State Bank of India (SBI) led a consortium of banks that sold Vijay Mallyas shares worth Rs 5,825 crore in United Breweries (UB) group to Heineken company on Wednesday and recovered around 70% of their Rs 9,900 crore defrauded loan money.

23 Jun 2021 1:50 pm
Vijay Mallya fraud case: DRT sells UBL shares worth Rs 5,800 crore

The Delhi high court on Wednesday refused to stay the notice dated June 4, 2021, to WhatsApp by the director-general of Competition Commission of India (CCI).

23 Jun 2021 12:51 pm
Vaccinated? Get 10% discount on base IndiGo fare

Got your jab and itching to travel? Though domestic airfares are rather high now, you could comfort yourself with a small discount offered by IndiGo, which on Wednesday launched a 10% discount scheme for its vaccinated customers. The catch is only limited inventory is available under the offer.

23 Jun 2021 11:50 am
What's happening with Tesla's $7bn German 'gigafactory'?

Next Thursday, July 1, was supposed to be a day of celebration for Tesla: the opening of its self-styled gigafactory in the tranquil German municipality of Gruenheide, just outside Berlin.

23 Jun 2021 11:50 am
Where the worlds richest 1% are gaining wealth fastest

The share of the wealth held by the richest 1% in nations including the US, China, Brazil and India jumped in the fallout from the pandemic, fueled by efforts to curb the effects of the virus, according to Credit Suisse Group AG.

23 Jun 2021 11:50 am
Share buybacks remain an option for SoftBank,: CEO Son

SoftBank Group Corp CEO Masayoshi Son said on Wednesday share buybacks remain an option, amid a slide in the conglomerate's shares. Buybacks are always on my mind as an important option but when and how big requires balanced thinking, Son said at SoftBank's annual shareholders' meeting, adding that the group also needs to consider alternative uses of its capital.

23 Jun 2021 9:50 am
Flipkart plans to buy back ESOPs worth $125 million

Flipkart is mulling a buyback of employee stock options (ESOPs) worth nearly $125 million, sources told TOI. If it happens, it will create many new dollar millionaires. The plan is part of a new funding round that the Walmart-backed company is in the midst of.

23 Jun 2021 9:50 am
Google gives workers tool for remote work planning

Google on Tuesday unveiled a platform that lets its workers calculate pay and benefits for remote work, and how this would change if they move to a cheaper - or more expensive - city.

23 Jun 2021 8:51 am
Provide level playing field for desi goods, govt tells e-tailers

The draft rules, released for public comment on Monday, have proposed that e-tailers identify goods based on the country of origin at the pre-purchase stage and suggest alternatives to ensure fair opportunity to domestic goods. There are many customers who may want to buy domestic products. The focus of the proposed rules is to keep the consumer informed, said an official.

23 Jun 2021 7:51 am
EU proposal at WTO may delay progress on patent waiver

The European Union has submitted a draft declaration at the World Trade Organisation (WTO), ignoring the objectives of intellectual property (IP) waiver jointly sought by India and South Africa on Covid-19 drugs and vaccines.

22 Jun 2021 11:51 pm
E-commerce rules cast cloud over Amazon, Walmart and local rivals

New e-commerce rules will raise costs for all online retailers but particularly Amazon and Walmart's Flipkart as they may have to review their business structures, senior industry sources told Reuters.

22 Jun 2021 11:51 pm
States' borrowing costs rise as yields touch 7%: Report

Notwithstanding the Rs 10,000-crore liquidity infusion through the G-Sap route by the RBI last week and fewer states tapping the bond markets, their cost of borrowing has been heading north, as the coupon hit the highest level since mid-March at 7 per cent.

22 Jun 2021 10:51 pm
Wealth of India's super-rich slips 4.4% in 2020: Report

In spite of Mukesh Ambani, Gautam Adani, the Poonawallas and many other Indians seeing a jump in their net worth in the pandemic-hit 2020, overall wealth of the country's super-rich dipped 4.4 per cent to $12.83 trillion in the year due to the rupee's fall, and so did their tally, says a report.

22 Jun 2021 9:51 pm
FM meets Infosys officials, reviews tech glitches on new I-T e-filing portal

Finance minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with minister of state for finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra went point by point on the issues facing the new portal with officials of Infosys.

22 Jun 2021 7:51 pm
Largest Boeing 737 MAX model set for maiden flight

Boeing Co prepared to stage a maiden flight of the largest member its 737 MAX family on Friday, in a further step towards recovering from the safety grounding of a smaller model.

22 Jun 2021 2:50 pm
Jet Airways restart approved by bankruptcy court

In a major step towards its resurrection, the National Company Law Tribunal (NCLT) on Tuesday cleared the resolution plan submitted by Kalrock-Jalan consortium. The consortium will now apply for the relevant government approvals before it can recommence operations.

22 Jun 2021 2:50 pm
Countries screening FDI amid security concerns

Amid a gradual reduction in dependence on Chinese production base, security considerations have prompted at least 25 countries and the European Union members to put in place screening mechanisms for foreign direct investment amid the pandemic.

22 Jun 2021 1:50 pm
Indian companies' m-cap grew fastest last year, presents financial stability risk: Economists

Indian companies' market capitalization has grown at the fastest pace last year among major economies despite contraction in GDP, economists from SBI said, flagging the risks to financial stability it poses.

22 Jun 2021 1:50 pm
Jewellery business to recover slowly this year, says Titan

Titan expects its jewellery business to have a muted recovery this year, unlike a V-shaped one last year, mainly due to the more devastating impact of the pandemic, which spread to the rural areas and resulted in more loss of lives.

22 Jun 2021 12:50 pm
US Chambers seeks to double H-1B quota

The powerful US Chambers of Commerce has launched a massive campaign to address the acute shortage of skilled and professional workforce in America, prominent among which includes urging the Biden administration and Congress to double the number of H-1B visas and eliminate per-country quota for the Green Card.

22 Jun 2021 8:50 am
Companies must go green to survive: Mukesh Ambani

Mukesh Ambani, Asias richest man, plans to transform each of the units under his refining-to-retail conglomerate to create a sustainable business model as Reliance Industries (RIL) chases a net carbon-zero goal by 2035.

22 Jun 2021 8:50 am
Ban on mis-selling among tighter norms mooted for e-commerce

Electronic marketplaces such as Amazon and Flipkart may have to tweak some of their policies after the Centre on Monday proposed tighter norms aimed at providing more transparency, including checking sale by companies where e-commerce players own a stake and curbs on sharing of data.

22 Jun 2021 8:03 am