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Business / The Times of India

WhatsApp has not abused dominant position in India, rules NCLAT

The NCLAT has set aside a petition and upheld a 2017 CCI order that dismissed a complaint of predatory pricing against instant messaging platform WhatsApp. The National Company Law Appellate Tribunal (NCLAT) said no doubt WhatsApp has a 'dominant position' but it has not 'abused its dominant position' based on inputs provided by the appellant, an NGO Fight for Transparency Society.

9 Aug 2022 11:11 pm
US productivity posts biggest ever annual drop in second quarter

US worker productivity in the second quarter fell at its steepest pace on an annual basis since 1948, the labor department said on Tuesday, while growth in unit labor costs accelerated, suggesting strong wage pressures will continue to help keep inflation elevated.

9 Aug 2022 7:45 pm
'Airtel to launch 5G services this month, cover every town by 2024'

Telecom operator Bharti Airtel will start rolling out 5G services this month and cover all towns and key rural areas of the country by March 2024, a senior company official said on Tuesday.

9 Aug 2022 6:33 pm
US imposes sanctions on virtual currency mixer Tornado Cash

The United States on Monday imposed sanctions on virtual currency mixer Tornado Cash, accusing it of helping hackers, including from North Korea, to launder proceeds from their cyber crimes. A senior Treasury Department official said Tornado Cash, one of the largest mixers identified as problematic by the Treasury, has reportedly laundered more than $7 billion worth of virtual currency since it was created in 2019.

9 Aug 2022 5:30 pm
Talks on free trade agreement wit UK moving at faster pace: Goyal

Negotiations for the proposed free trade agreement between India and the UK is progressing at a faster pace, commerce and industry minister Piyush Goyal said on Tuesday.

9 Aug 2022 4:07 pm
'Govt will re-evaluate airfare cap depending on ATF price'

The government will certainly re-evaluate the fare cap in place for domestic airlines once there is a healthier environment in terms of jet fuel prices, according to civil aviation minister Jyotiraditya Scindia.

9 Aug 2022 3:56 pm
'Airlines must share details of passengers travelling abroad'

Aircraft operators are now required to share all travel-related information about passengers who are going to travel in and out of India at least 24 hours before their flight departure time. This information will have to be shared with Central Board of Indirect Taxes and Customs (CBIC)-established agency, National Customs Targeting Centre-Passenger (NCTC-P) for conducting of risk analysis of passengers.

9 Aug 2022 2:39 pm
Gold ETFs log Rs 457 crore outflow in July

Gold Exchange Traded Funds (ETFs) witnessed a net outflow of Rs 457 crore in July as investors parked their money in other asset classes as part of their portfolio rebalancing strategy.

9 Aug 2022 2:04 pm
10-year bond yield seen touching 7.60% in near term

The yield on the 10-year benchmark Indian government bond could revisit its recent high of over 7.60% in the medium term as the central bank raises interest rates and the government borrows more, analysts said.

9 Aug 2022 1:03 pm
PSU insurers book Rs 26,364 cr loss for health portfolio in last 5 yrs

All four public sector insurers incurred losses of Rs 26,364 crore in the health insurance portfolio for the last five years due to higher claims in group policies, a CAG report said.

9 Aug 2022 12:48 pm
Google down for thousands of users: Report

Alphabet Inc's Google services appeared to be back up after facing a brief global disruption on late Monday, according to outage tracking website

9 Aug 2022 8:50 am
Need balanced approach: Volkswagen to government

Having invested Rs 8,000 crore in India, German auto giant Volkswagen group has started work on the next phase of funding for the market.

9 Aug 2022 7:52 am
HDFC hikes rate by 25 bps, sixth time in two months

HDFC, the country's largest housing finance company, has increased its retail prime lending rate (PLR) on home loans by 25 basis points (100bps = 1 percentage point). This is the sixth rate hike by the corporation in two months. The lender has increased its benchmark rates by 140bps this year in line with the hike in repo rates.

9 Aug 2022 7:45 am
SpiceJet denies 'loans are high-risk category' reports

Struggling-to-survive SpiceJet has denied agency reports that IDFC First Bank, Yes Bank and Indian Bank have put their loans to the airline in the high-risk category. Citing sources, agency reports had said, concerned about its cash flows, banks held talks with the airline, which has not so far defaulted on any loans.

9 Aug 2022 7:41 am
Torrent names scion director of power arm

Torrent Group has elevated Varun Mehta as a director of its power arm. The move comes 10 days after the induction of Aman Mehta into the board of its pharma company.

9 Aug 2022 7:36 am
William Penn buys US brand Sheaffer

Premium writing instruments and lifestyle accessories brand William Penn has acquired the 110-year-old iconic writing instruments maker Sheaffer for an undisclosed amount. The transaction makes it one of the prominent US brand purchases by an Indian player.

9 Aug 2022 7:26 am
LPG refill prices up 41% vs 203% rise in global rates since April 2020

The benchmark Saudi Contract Price for LPG (liquefied petroleum gas) rose by 203% from $236 per tonne to $725 per tonne between April 2020 and July 2022 but the price of 14.2 kg refills supplied to households for cooking increased 41.5% from Rs 744 to Rs 1,053 during this period, the government informed the Rajya Sabha on Monday.

8 Aug 2022 11:21 pm
Varun Mehta elevated to Torrent Power board

Varun Mehta was on Monday appointed to the board of Torrent Power as a whole-time director, becoming the second third-generation family member to be elevated within a week in a clear succession plan at the Ahmedabad-based pharma-to-energy conglomerate with an estimated market cap of Rs 80,000 crore.

8 Aug 2022 10:56 pm
'India could scrap wheat import duty to cool domestic prices'

India could scrap a 40% duty on wheat imports and cap the amount of stocks traders can hold to try to dampen record high domestic prices in the world's second-biggest producer, government and trade officials told Reuters on Monday. India barred wheat exports in May after the crop suffered a heatwave, but domestic prices still rose to a record high.

8 Aug 2022 9:39 pm
'Air India reported 184 tech snags in last 1 year, IndiGo 98'

Air India, IndiGo and SpiceJet reported 184, 98 and 77 incidents due to technical snags during the one year period till June 30, minister of state for civil aviation V K Singh said on Monday.

8 Aug 2022 7:21 pm
Mukesh Ambani looks to repeat telecom feat in new energy

Reliance Industries Ltd, whose offering of rock-bottom tariffs shook up the telecom industry, is looking to repeat the feat in the green energy business, where its billionaire chairman Mukesh Ambani sees promise to outshine all existing growth engines in 5-7 years.

8 Aug 2022 6:11 pm
Bharti Airtel Q1 profit rises five-fold to Rs 1,607 crore

Telecom operator Bharti Airtel on Monday reported an over five-fold rise in its consolidated profit to Rs 1,607 crore for the first quarter ended June 30.The company had posted a profit of Rs 283.5 crore in the year-ago period.

8 Aug 2022 5:31 pm
Adani Ports Q1 net profit drops 17% to Rs 1,091.56 crore

Adani Ports and Special Economic Zone (APSEZ) on Monday reported a 16.86 per cent decline in consolidated net profit to Rs 1,091.56 crore for the first quarter of the current financial year.

8 Aug 2022 5:14 pm
5G services likely to be rolled out in about a month: MoS Telecom

The long-awaited high-speed 5G services are expected to be rolled out in about a month, Minister of State for Telecom Devusinh Chauhan said on Monday.

8 Aug 2022 1:44 pm
RIL invests Rs 30,000 crore in retail in FY22; to accelerate expansion

Reliance Industries invested Rs 30,000 crore in its retail business and added 2,500 stores, taking the total storecount to 15,196 in FY22.

8 Aug 2022 1:40 pm
Seeking ways to cool domestic wheat prices, India may scrap import duty

India could scrap a 40% duty on wheat imports and cap the amount of stocks traders can hold to try to dampen record high domestic prices in the world's second biggest producer, government and trade officials told Reuters on Monday.

8 Aug 2022 12:36 pm
Mukesh Ambani draws nil salary for second year in row

In June 2020, Mukesh D Ambani voluntarily decided to forego his salary for the year 2020-21, in light of the Covid-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation.

8 Aug 2022 10:27 am
Sensex, Nifty trade flat amid mixed global cues

Sensex, Nifty trade flat amid mixed global cues; SBI falls 3%, Nykaa rises 3% post Q1 show

8 Aug 2022 10:25 am
New rules may pull rug out from Indias bid to boost market

While the proposed framework is designed to protect investors and is therefore being welcomed by some, a few of the proposals by the Securities and Exchange Board of India could actually prove counterproductive and hurt liquidity.

8 Aug 2022 9:52 am
China IPO markets beats world with record $58bn mop-up

From London to Hong Kong, large initial public offers (IPOs) have all but dried up across the world's major financial centres this year. But the market in China is bustling with activity.

8 Aug 2022 8:02 am
Bitcoin fans watch US stocks after crypto crash

After a gut-wrenching bout of turbulence and existential angst, digital-asset investors are back to focusing on the mood of the US stock market as a gauge of whether the worst might be over.

8 Aug 2022 7:59 am
New category of combo vehicle to hit roads soon

A new category of vehicle is set to hit the Indian roads soon, which can be used interchangeably both as a two-wheeler and three-wheeler.

8 Aug 2022 7:34 am
India fastest growing market for Lamborghini

The numbers may be small, but India has emerged as the fastest growing market globally for super sports carmaker Lamborghini as the Italian company - part of Germany's Volkswagen group - drives deeper into the country with new models.

8 Aug 2022 7:26 am
War of words: Does Binance own WazirX?

Global crypto exchange Binance's CEO Changpeng Zhao and WazirX founder Nischal Shetty have been having a war of words on Twitter over the past three days over ownership of WazirX. While the former says it does not own WazirX, the latter insists it does.

8 Aug 2022 7:21 am
TaMo signs deal to buy Ford's plant

Tata Passenger Electric Mobility, a subsidiary of Tata Motors, and Ford India, on Sunday signed a unit transfer agreement for the acquisition of Ford's manufacturing plant at Sanand for Rs 725.7 crore.

8 Aug 2022 7:17 am
Foreign funds buy stocks worth 14,000cr in a week

FPIs had turned buyers in July after nine straight months of heavy net outflows, which started from October last year. Between October 2021 and June 2022, they sold a massive Rs 2.46 lakh crore in the Indian equity markets.

8 Aug 2022 7:13 am
PSU oil cos post 18.5k cr loss in Q1 on holding costs

State-owned Indian Oil (IOC), Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) posted a combined loss of Rs 18,480 crore on holding petrol and diesel prices despite a rise in cost.

8 Aug 2022 7:09 am
Raids latest blow to legislation of crypto

The recent raids on a crypto exchange and allegations of opaqueness around its shareholding and failure to do a KYC check is seen to be the latest blow to the efforts by market players to get a legislative framework.

8 Aug 2022 7:03 am
Banks start raising lending rates after RBI's 50bps hike

ICICI Bank, Canara Bank, Bank of Baroda and Punjab National Bank have hiked their lending rates after RBI hiked the repo rate by half a percentage point. The rise in deposit rates, however, could be slower.

8 Aug 2022 6:53 am
India's outbound tourism to surpass $42bn by 2024: Report

The report' titled 'Outbound Travel and Tourism - An Opportunity Untapped' by Nangia Andersen LLP in association with FICCI, highlights the up-and-coming Indian travel market and outline a framework for creating a more value for money experience for Indian tourists and travellers.

7 Aug 2022 2:33 pm
Akasa Air commences operations, takes off first flight on Mumbai-Ahmedabad route

In the inaugural phase, Akasa Air, whose airline code is QP, will launch its operations by offering 28 weekly flights between Mumbai and Ahmedabad starting August 7, 2022. Subsequently, starting August 13, the airline will start operating an additional 28 weekly flights between Bengaluru and Kochi. Tickets for all are open for sale with immediate effect.

7 Aug 2022 10:01 am
SBI's Q1 net profit falls 6.7% to 6,068cr on bond provisions

State Bank of India reported a net profit of Rs 6,068 crore for the quarter ending June 2022, a decline of 6.7% over Rs 6,504 crore in the corresponding quarter last year, due to provisions of over Rs 6,500 crore on its government bond portfolio following a rise in interest rates.

7 Aug 2022 5:51 am