Business News

Seven Indian firms in 2017 Fortune 500 Global List

As many as Seven Indian companies were featured in 2017 Fortune 500 Global list, with Indian Oil, at 168th position, was the highest ranked Indian company, with revenues of over $53 billion in previous fiscal. Gold manufacturing company Rajesh Exports rose 128 ranks and was placed 295th globally. Hindustan Petroleum with revenue of $28 billion came last among Indian companies.

 

By |

Walmart tops Fortune 500 Global list for 4th straight year

According to Fortune 500 Global list for 2017, US retail giant Walmart has topped the list with a revenue of $486 billion, marking its fourth consecutive year of doing so. Interestingly, Walmart has claimed the top spot 12 times on the list, which ranks companies based on total revenues. Warren Buffett's Berkshire Hathaway and tech giant Apple were among the top 10, while Zuckerberg led Facebook and Jack Ma's Alibaba debuted on the list this year.

 

By |

Airtel says it lost Rs 550 cr each quarter on Jio's tsunami of calls

Accusing Jio of using “sinister design” to create a monopoly, telecom operator Airtel has said that it lost 21 paisa every minute amounting to Rs 550 crore per quarter due to ‘tsunami of calls’ coming from Jio. Airtel further reportedly said Jio is seeking an end to interconnection usage charge to transfer its own costs of Rs 20,000 crore a year to other operators.

By |

Ambani launches Jio phone “for an effective price of Rs 0”

Reliance Industries chairman Mukesh Ambani on Friday reportedly launched 4G-enabled ‘Jio phone’ at the company’s 40th annual general meeting in Mumbai. Ambani, India’s richest man, reportedly said, “The Jio phone would be available for an effective price Rs 0.” While announcing that voice will always be free on the Jio phone, Ambani reportedly said, “Jio will give them access to unlimited data on the Jio phone.” However, Customers would be required to pay a refundable security deposit of Rs 1,500 for three years, “for security reasons”.

By |

Jeep models prices slashed in India by up to Rs 18.5 lakh

US based Jeep has slashed the prices of its models in India by up to Rs 18.5 lakh on the Grand Cherokee Limited model. The Grand Cherokee Summit model gets a price cut of Rs 17.85 lakh, while the Jeep Wrangler Unlimited has received a price reduction of Rs 7.14 lakh. Also, the Grand Cherokee SRT witnesses a price drop of Rs 5 lakh, which is the least.

By |

Beware, WhatsApp message can steal your bank information

The larger messaging application WhatsApp is being used to propagate a new scam in the UK, with the intention of tricking users into disclosing their bank account details. UK's fraud and cybercrime centre, Action Fraud, has issued a warning against the ongoing fraud, complete with a screenshot of the fake WhatsApp message that's being used for the scam.

By |

Infosys Executive Vice President Ritika Suri quits

Infosys executive vice president Ritika Suri reportedly resigned on Tuesday. Ritika was also CEO Vishal Sikka's former colleague at German business software giant SAP. By the reports, Ritika, who earned over Rs 5.1 crore in 2016-17, was in charge of the company's corporate development. She led the acquisition of Israeli automation company Panaya, which was at the center of an investigation.

By |

Oil field row: Reliance, Shell, ONGC fined $3 billion

The government has ordered Reliance Industries, Royal Dutch Shell, and Oil and Natural Gas Corporation to pay $3 billion in penalty following an arbitration award in the PMT oil field dispute. The arbitration panel upheld that profit from the fields should be calculated after deducting prevailing tax of 33%, and not the 50% rate earlier. This will increase the government's share of profit petroleum.

By |

Volkswagen Polo GTI gets a Rs 6 lakh price cut

The Volkswagen Polo GTI has recently received a massive price cut of Rs 6 lakh in India, say reports. The Polo GTI, which was initially launched at Rs 25.99 lakh (ex-showroom, Delhi), is now priced at Rs 19.99 lakh (ex-showroom, India). A company spokesperson reportedly said the price cut is according to the revised Goods and Service Tax rates, which came into effect on July 1, 2017.

By |

SBI Life files for IPO, expected to raise over $1 billion

According to reports, the SBI Life Insurance, a unit of State Bank of India on Monday, filed for an initial public offering, that will reportedly raise over Rs 6,400 crore. Reportedly, SBI and its joint venture partner BNP Paribas Cardiff are expected to sell up to 8% and 4% stake, respectively. This will reportedly make SBI Life as the second Indian life insurer to go public.

By |

Reliance Jio, Patanjali among India's top 10 influential brands

According to a report by research firm Ipsos, American tech giant Google was ranked the most influential brand in India, with Microsoft and Facebook ranked at second and third respectively. Further, Baba Ramdev-led Patanjali Ayurved has been featured in fifth along with Mukesh Ambani-led Reliance Jio in ninth. The list also included SBI, the only financial institution on the list, at fifth position and telecom major Bharti Airtel at eighth.

By |

Amazon invests Rs 130 crore into its payments arm in India

In a bid to expand its operations in India, American e-commerce giant Amazon has reportedly invested Rs 130 crore into its payments entity, Amazon Pay India. The global retail giant has already invested over Rs 2,000 crore in India in the last two months. This comes after Amazon Founder Jeff Bezos had committed investments of $5 billion into the Indian market.

By |

OnePlus5 emerges as bestseller in Amazon Prime day sale

According to reports, Chinese manufactured smartphone OnePlus 5 emerged as the bestseller in India during the Amazon Prime Day sale. Reportedly, Amazon Prime members were offered the Rs 32,999 OnePlus 5 smartphone at an additional cash back of Rs 2,000. The smartphone is powered by the ultra powerful Qualcomm Snapdragon 835 processor and comes with up to 8GB RAM along with the proprietary Dash Charge technology of OnePlus, and a dual rear camera.

By |

TCS denies reports of layoffs at Lucknow center

Major IT firm Tata Consultancy Services on Friday denied reports of layoffs in Lucknow. "There have been false rumors and reports being circulated in the media about the company's operations in Lucknow. TCS would like to clarify that it is only consolidating its UP operations in Noida and there will be no job loss as a consequence," a TCS spokesperson said in a statement.

By |

Former COO Nitin Seth sends Flipkart legal notice over his firing

E-commerce giant Flipkart is facing a fresh trouble with its former chief operations officer Nitin Seth sending a legal notice to the firm over the way he was fired in May 2017. According to reports, Seth believes he was being illegally ousted and has decided to take legal action against the company. Notably, he joined Flipkart as the chief people officer in March 2016 and was promoted to the post of the COO within months.

By |

Google buys 4-month-old Bengaluru startup

American Tech giant Google has reportedly acquired a 4-month-old startup based out of Bengaluru, Halli Labs, founded by former Stayzilla CTO Pankaj Gupta. The startup reportedly focuses on artificial intelligence and machine learning-based solutions. Halli Labs will be joining Google's Next Billion Users team, which is working to bring the next billion users online from emerging markets like India.

By |

Air India stops meat in economy class on domestic flights

According to reports, Air India has removed meat from the menu for its economy class flyers on all domestic routes. The decision is expected to save the firm ₹7-8 crore annually. Air India Chairman Ashwani Lohani said, "It also eliminates the possibility of a mix-up: a non-veg meal getting served to a vegetarian passenger, as it had happened a few times in the past."

By |

WhatsApp may enter into business chats, payments services

Major messaging platform WhatsApp is reportedly planning to enter into business chats and payments service segments.  WhatsApp's Vice President Neeraj Arora said, "WhatsApp will allow businesses to connect with their users and the users, in turn, can connect to the businesses they want". Notably, India is WhatsApp’s biggest market with over 20 crore monthly active users.

By |

Moto G5S Plus specifications leaked

Chinese electronics company Lenovo is reportedly set to launch its Moto G5S Plus smartphone soon. According to reports, famous leakster Evan Blass has confirmed that the smartphone would sport a 5.5-inch display, Snapdragon 625 SoC, 4GB RAM, 64GB inbuilt memory, 13MP dual rear and 8MP front cameras. Notably, Moto G5S Plus is expected to be launched alongside with Moto Z2 Force and Moto X4. 

By |

Apple to launch new iPad Pro, MacBooks in India

American technology giant Apple is reportedly all set to launch its new range of 10.5-inch iPad Pro, MacBooks, iMacs, and iMac Pro in India on July 12. According to reports, the devices were unveiled at Worldwide Developer Conference 2017 in San Jose in June. Notably, the devices  are expected to be priced lower due to GST rollout.

By |

Click to Read More News Stories