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State Bank of India’s shares added over 6 percent on Tuesday afternoon even as the bank posted a net loss of Rs 7,700 crore for the March quarter. The country’s largest reported a net loss of Rs 7,718 crore for the March quarter. The stock touched an intraday high of Rs 259.90 and an intraday low of Rs 241.30.

09:40:01 on 23 May

Read more at Moneycontrol

Reports attributing the Nipah virus outbreak to fruit bats has come as a dampener for fruit vendors, especially those selling mangoes. Despite it being one of the seasons during which fruits are in much demand, the reports are making people think twice before venturing out to buy fruits. Farmers have begun covering the fruit even while it is still in the tree to avoid exposure.

07:11:01 on 23 May

Read more at TNIE

Reliance Jio Infocomm Ltd is planning to expand beyond the Indian market, and will set up a subsidiary in Estonia and is set to take a loan of Rs 12.2 crore from Reliance Industries for the same, according to two people aware of the plans. A company established in the northern European nation can operate worldwide, while all the compliance work can be handled digitally .

02:25:01 on 22 May

Read more at LiveMint

Former MD and CEO of the Punjab National Bank Usha Ananthasubramanian and some other senior bank officials were aware of the "fraudulent" dealings with diamond merchant Nirav Modi but kept misleading the RBI, the CBI has alleged in its charge sheet. The 12,000-page charge sheet further claimed that a similar fraud was detected in 2016.

09:17:45 on 22 May

Read more at The Economic Times

Malaysia’s new Prime Minister Mahathir Mohamad last week said the country will abandon its GST, following up on a poll promise to scrap the deeply unpopular tax. Despite having features like a single tax rate for all which, in theory at least, made Malaysia’s GST less complex and superior to India’s version of the indirect tax system, it did not serve the nation well.

07:15:01 on 21 May

Read more at Live Mint

India is the sixth wealthiest country in the world with a total wealth of USD 8,230 billion, while the US is the richest nation globally, says a report. According to the AfrAsia Bank Global Wealth Migration Review, the US is the wealthiest country in the world with a total wealth of USD 62,584 billion, followed by China (USD 24,803 billion) and Japan (USD 19,522 billion).

03:10:01 on 21 May

Read more at Zee News

State-run Punjab National Bank has refused to disclose details of the audit or investigation that led to the detection of over Rs 13,000 crore fraud at the company, citing a clause that bars any disclosure that can impede the process of investigating or apprehending the offenders. In reply to an RTI query, the bank also declined to share a copy of the scam inspection report.

12:56:01 on 21 May

Read more at News 18

Faced with mounting criticism over the seventh hike in fuel prices this month that pushed petrol and diesel rates to record highs, the government on Sunday promised a "solution" soon. The details of the plan, however, were scarce. Petroleum minister Dhamendra Pradhan blamed the US pull-out from the Iran nuclear deal.

10:55:01 on 21 May

Read more at NDTV

Enthused by successful conclusion of Bhushan Steel case, the Finance Ministry expects banks to write back more than Rs 1 lakh crore after the resolution of all 12 NPA cases referred to insolvency proceedings by the RBI in its first list. The remaining 11 NPA cases which are in the pipeline will easily bring to the table over Rs 1 lakh crore.

08:41:01 on 21 May

Read more at Moneycontrol

Petrol price today touched a record high of Rs 76.24 per litre and diesel climbed to its highest ever level of Rs 67.57 as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers. Petrol price today increased by 33 paisa a litre in Delhi - the highest since the daily price revision came into force in mid-June 2017.

08:26:01 on 21 May

Read more at The Times of India

Just an year ago, Baba Ramdev was sanguine about the growth prospects of Patanjali Ayurved Ltd. The confident yoga guru-turned-entrepreneur had said that Patanjali would double its turnover within a year. And, to be fair, it didn't seem a far-fetched target at that time. The company, after posting a record sales of Rs 10,561 crore in FY17, was aiming to grow two-fold in FY18.

09:56:02 on 20 May

Read more at Business Today

Walmart’s $16-billion acquisition of Flipkart set up investors in India’s largest online retailer for one of the biggest paydays in the world. But only one investor from India, besides Flipkart’s founders and employees, is set to make sizeable capital from the deal: the family office of Wipro chairman and India’s third-richest man, Azim Premji.

10:56:01 on 20 May

Read more at The Economic Times

Nykaa, one of India’s top beauty e-tailers, is all set to chase profitability even as it invests in opening more brick-and-mortar stores. On May 14, the Mumbai-headquartered company said it has raised Rs165 crore ($24.3 million) in series D funding led by Hero Corporate Service chairman Sunil Kant Munjal and consumer goods veteran Harsh Mariwala, among others.

07:26:02 on 19 May

Read more at Quartz

British political consulting group Cambridge Analytica filed for voluntary Chapter 7 bankruptcy in the Southern District of New York, court documents showed. The firm, whose attorney filed late Wednesday, announced early May that it would close and file for bankruptcy in Britain and the United States after failing to recover from the Facebook data scandal.

08:25:01 on 18 May

Read more at Business Standard

In the list of nearly "15-20" accused in Nirav Modi's chargesheet, there may be few surprises as well. It include names of PNB officials (yet not arrested) and Purvi Mehta, sister of Nirav Modi. On the condition of anonymity, sources within agency have confirmed that Purvi Mehta "may" get added in the list, as an accused.

07:35:01 on 18 May

Read more at Business Today

Reliance Communications on Friday said that it is in “advanced” talks with Swedish gear maker Ericsson to resolve their dispute over the telco’s dues worth over Rs1,000 crore. The company added that it is confident of speedily proceeding with its plan to sell wireless assets to Reliance Jio for Rs 18,000 crore to pare its Rs 46,000 crore debt.

05:10:01 on 18 May

Read more at The Economic Times

Last month, PepsiCo Inc. chief Indra Nooyi said that the American food and beverage maker had grown at a double digit rate in January and February. The news comes within six months of Ahmed El Sheikh coming to head PepsiCo’s India business replacing D. Shivakumar. Sheikh has now said the Indian unit can easily double the business in seven years or earlier.

05:00:07 on 18 May

Read more at LiveMint

The famous 'Dabbawalas' could soon be seen dispatching couriers and parcels in addition to the current job of delivering tiffins in the city. Currently, over 5,000 people are involved in the delivery of two lakh tiffin boxes. Mumbai Dabbawala Association spokesperson Subhash Talekar said they are in an advanced stage of finalizing a new project to deliver parcels within the city.

09:55:01 on 17 May

Read more at Moneycontrol

Billionaire Lakshmi Mittal’s ArcelorMittal has cut a cheque of Rs 7,000 crore to clear the dues of its associate companies and to make itself eligible by law to bid for bankrupt Essar Steel. Rival bidder Numetal, which has one of the Ruia family members as a stakeholder, is challenging the banks’ direction to pay up, said three people familiar with the action.

07:35:01 on 16 May

Read more at The Economic Times

Infosys Ltd has formed a blockchain-based trade finance network in partnership with seven private-sector banks, to raise efficiency in the banking sector and strengthen its product offerings. India’s second-biggest software services exporter, whose Finacle software is used by the majority of Indian banks, is also in talks to sign up more domestic and foreign banks to the network.

06:55:01 on 16 May

Read more at Live Mint

A little more expensive than first class train tickets but cheaper than international airfare, the British tycoon, Richard Branson wants rides on the Hyperloop in India to cost less than $150 (approximately Rs 10,000). Virgin Hyperloop One is still trying to build a system of pods and tubes that can carry people and cargo from one place to the other.

07:41:01 on 16 May

Read more at Business Insider

Scam-hit Punjab National Bank on Tuesday posted the largest-ever quarterly loss of Rs. 13,416.91 crores for January-March period, mainly on account of high provisioning for bad loans. The bank had reported a staggering standalone profit of Rs. 261.90 crores in the fourth quarter of 2016-17. This is mainly on account of high provisioning for bad loans

07:25:01 on 15 May

Read more at The Hindu

For millions of Indians flying West every year, there’s a new airline in town. And, it’s ultra cheap. A one-way ticket to Iceland, US, Canada and London in the economy category called WOW basic will start from INR 13,499/- (including taxes), and they will be running five direct flights from New Delhi to Iceland a week. Operations are set to commence from December this year.

06:40:02 on 15 May

Read more at The Economic Times

Over 300,000 workers will be employed in the solar and wind energy sectors in India to meet the country's target of generating 175 gigawatts of electricity from renewable sources by 2022, the International Labour Organisation (ILO) has estimated in a report. The report cited the number in the solar and wind energy sectors in India to meet the 2022 target.

06:25:02 on 15 May

Read more at Business Standard

The Indian rupee today fell against the US dollar in volatile trade. At day’s low, the rupee fell to 67.79 against the US dollar before recovering to 67.48 at day’s high. But it could not sustain the gain and again slipped against the US dollar. The stock markets also remained volatile today with Sensex rising as much as 436 points at day’s high, before paring bulk of the gains.

06:12:01 on 15 May

Read more at NDTV

The government may soon offer incentives of up to Rs 2.5 lakh to those who scrap old petrol and diesel vehicles for electric cars. This is part of the government's R 9,400 crore package pushing for sales of electric and hybrid vehicles in India. The incentives also apply for cab aggregators and bus fleet owners.

01:55:01 on 15 May

Read more at Drive Spark

A person spends a major part of his life trying to earn a livelihood and save for the future. However, making the right investment becomes harder due to lack of knowledge, and people sometimes end up investing wrongly. The Government of India has launched many saving and investment schemes for the benefit of people, and bank fixed deposits and PPF are among the most popular ones.

08:11:01 on 15 May

Read more at Financial Express

Walmart’s acquisition of 77% stake in Flipkart is “credit positive” for the US retail giant, though the Indian e-commerce firm is expected to continue to make losses for the next few years, said rating agency Moody’s in its Credit Outlook report issued on Monday. On 9 May, Walmart Inc said it is buying a 77% stake in Indian e-commerce retailer Flipkart for about $16 billion.

08:05:01 on 14 May

Read more at LiveMint

The massive clean-up of bad loans in India is turning out to be a prolonged battle for survival for the country’s banks. Eleven out of the 21 public sector banks in India were already under the banking regulator’s supervision and had to contend with restricted business so far. Now, the RBI has barred one of them, Dena Bank, from lending any further or hiring fresh employees.

01:40:01 on 14 May

Read more at Quartz

British Superbike maker Triumph Motorcycles on Friday said it expects to maintain its double-digit sales growth in India on the back of new product launches and network expansion, especially in tier-II cities. The company, which today launched an all-new version of its superbike Tiger 1200 XCX in the country priced at Rs 17 lakh, aims to launch around 6-7 models by June this year.

08:26:01 on 13 May

Read more at Deccan Chronicle

In India, the digital economy is expected to contribute $550bn-$1tr in GDP by 2025, and add 1.5-2 million jobs by 2018 through its Digital India initiative. The economic opportunities from technologies such as cloud computing, big data and the internet of things are also not limited to the IT sector but are economy-wide, including in sectors such as manufacturing and agriculture

08:56:01 on 13 May

Read more at Brookings

The first IPO in India from the booming renewable energy sector is here. ReNew Power, India’s largest renewable energy producer, is looking to raise Rs2,600 crore ($390 million) through its first public share sale. The move comes just a month after ReNew sealed India’s biggest renewable energy deal when it acquired New Delhi-based Ostro Energy for around $1.5 billion.

06:56:01 on 13 May

Read more at Quartz

Visitors to the GST Bhavan, near Wadia College, may have witnessed heaps of files lying in a deplorable state in one of its parking lots since the last one week. A closer look will reveal that they are financial records of several taxpayers, out in the open with no one to guard them. While one heap was covered, another pile was left open for anybody to tinker with the files.

02:56:01 on 12 May

Read more at Economic Times

Equity benchmark BSE Sensex gave up early gains to end 73 points lower at 35,246.27 on Thursday, breaking its three-day winning streak, as investors booked profit in recent gainers. Investors stayed on the sidelines ahead of assembly elections in Karnataka on Saturday amid concerns over surging global crude oil prices and weakening rupee.

12:55:01 on 11 May

Read more at Hindustan Times

Reliance Jio Infocomm has expanded the tariff war to the post-paid segment, launching a plan at almost half the price and with more data than those offered by its rivals. Although such users account for 5% of the country’s more than 1 billion mobile phone subscribers, they contribute some 25% to the industry’s revenue.

12:40:01 on 11 May

Read more at The Economic Times

The spike in oil prices following the US move to impose sanctions on Iran has given new momentum to India’s ambitious e-vehicles programme that aims to reduce oil imports, cut emissions and boost energy security. The government is already giving a big push to e-vehicles because of its commitments at global forums to control carbon emissions and India’s high dependence on imports.

12:27:01 on 11 May

Read more at The Economic Times

Until just a few months ago, few Americans knew much about Cambridge Analytica, the shadowy British data firm that aided Donald Trump in winning the 2016 election. Then the Facebook data scandal broke, and now a lot of people do. It’s not been good for business. Cambridge Analytica is shutting down and filing for bankruptcy.

07:56:01 on 11 May

Read more at Forbes

In a mega deal in India's e-commerce space, global retail giant Walmart Inc on Wednesday announced it was buying 77 percent equity stake in the country's largest e-tailer Flipkart for $16 billion. "Subject to regulatory approval in India, Walmart will pay $16 billion (Rs 1,07,662 crore) for 77 percent equity stake in Flipkart," the Arkansas-based firm said in a statement.

01:55:01 on 10 May

Read more at Firstpost

The promise of the Goods and Services Tax (GST) to bring clarity has finally started showing. As GST officers unleash the force of data analytics, no discrepancy or mismatch will escape their scrutiny. Even if it's less than one rupee. GST officers can go as far as 17 decimal points to square their accounts.

11:26:01 on 10 May

Read more at Economic Times

Flipkart-owned payments instrument PhonePe has clocked 42.4 million transactions on Unified Payments Interface in April. In terms of value, the total amount of money transferred in April through the PhonePe app stood at Rs 8,100 crore against Rs 6,600 crore in March, a jump of 22%.

12:40:01 on 09 May

Read more at Economic Times

Anand Piramal, son of Ajay Piramal and scion to the mega business family, once said that Mukesh Ambani’s words changed his career path. Ambani had told him “being an entrepreneur is like playing cricket and being a consultant like watching it as a commentator". Ambani's daughter Isha is set to tie the knot with Anand Piramal in December in India.

08:56:01 on 08 May

Read more at The Economic Times

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