GST benefits: Tata Motors vehicles get cheaper by up to 8.2% Tata Motors today said it has cut prices of its commercial vehicles by up to 8.2 per cent to pass on the GST benefit to customers.
"We are offering a price reduction in commercial vehicles (cargo) in the range of 0.3 per cent to 4.21 per cent and in commercial vehicles (passenger transportation) in the range of 0.6 per cent to 8.2 per cent," Tata Motors Head of Commercial Vehicle Business unit Girish Wagh said in a statement. The company is confident that post GST price reduction will enable the customers to bring down their cost of operations and in turn, boost demand, he added. Commenting on GST implementation, Wagh said the initiative will bring about significant gains to the country's economy and advantages for the stakeholders, while enhancing the ease of doing business.
Tata Motors is the largest commercial vehicle player in the country. Yesterday, the company had announced a reduction in price of its passenger vehicles by up to Rs 2.17 lakh. IFC invests in L&T Infrastructure Finance via 1st Sebi-approved green bond. L&T Infrastructure Finance Company Limited, a wholly-owned subsidiary of L&T Finance Holdings Ltd, will use this money to give loans to solar power projects.
The company has been increasing its focus on renewable energy, which has come to comprise 37 per cent of its Rs 22,774-crore (nearly $3.51 billion) total portfolio. On May 30 this year, the Securities and Exchange Board of India (Sebi) came out with norms governing green bonds. Bonds whose proceeds are used for renewable energy, clean transport, sustainable water or land management, climate change adaptation, energy efficiency initiatives such as green buildings or biodiversity conservation projects or assets will qualify as 'green'.
Online grocery marketplace Jumbotail raises $8.5 mn from Kalaari Capital. Amazon invests Rs 1,680 cr in India, crosses $2 bn in funding. Global giant Amazon has invested an additional Rs 1,680 crore in its India unit as it looks to further strengthen operations in the booming e-commerce market here.
The fresh infusion -- part of Amazon's $5 billion commitment to Indian market - will also provide more arsenal to the Indian entity that is locked in an intense battle for leadership with local rival, Flipkart. Amazon Seller Services (Amazon India) received the funds last month, as per regulatory filings with the corporate affairs ministry. Flipkart among MIT Technology Review's 50 smartest companies globally. India's largest e-commerce marketplace Flipkart's resilience against an onslaught from global rival Amazon has earned it a spot on MIT Technology Review's list of '50 Smartest Companies' for the year 2017.
Flipkart is ranked 36th on MIT Technology Review's list, which includes the usual suspects like Alphabet, SpaceX, Microsoft, Facebook and Apple. The recognition comes as the Indian firm turns 10-years old. Samsung launches new version of Galaxy Note that was prone to catch fire. Samsung Electronics on Thursday unveiled the redesigned version of its Galaxy Note 7 smartphone, whose production and sale was stopped last year due to repeated incidents of handsets catching fire.
This new modified version, Galaxy Note FE (Fan Edition) goes on sale on Friday in South Korea, with a price tag of 699,600 won ($607), reports Efe news. Samsung had to halt production and sales of Galaxy Note 7 (the first-ever withdrawal in the history of mobile phones) due to faulty fire-prone batteries. The phablet's fiasco led to a net operating loss of almost 6.1 billion won for Samsung. The redesigned Galaxy Note goes on sale with 400,000 units and has a battery with a 3,200 mAh capacity, less than the original model, which had 3,400 mAh. One of the reasons the batteries caught fire was an attempt to make them very long-lasting while minimising their size. Clean drive: Volvo to make only fully electric and hybrid cars from 2019. Swedish car maker Volvo says all its new cars from 2019 will have an electric motor, ending altogether the manufacture of automobiles that have only a combustion engine.
Volvo Cars, which describes the decision as "one of the most significant moves by any car maker," says it will have a range of models, including fully electric vehicles and hybrid cars. CEO Hakan Samuelsson said on Wednesday the policy reflects the wishes of customers. He said: "People increasingly demand electrified cars and we want to respond to our customers' current and future needs. " Volvo said that it will launch five fully electric cars between 2019 and 2021. Three of them will be Volvo models and two will be electrified cars from Polestar, Volvo Cars' performance car arm. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.) Sensex, Nifty continue trading cautiously; broader markets outperform. Benchmark indices opened flat on Wednesday in absence of major cues as Wall Street remained shut on account of public holiday.
Street was on edge as tensions after North Korea fired a missile into Japanese waters kept the global markets subdued. Investors also awaited minutes of the Fed's June meeting to gauge how committed it was to hiking rates this year. North Korea said it had conducted a test of a newly developed intercontinental ballistic missile that can carry a large and heavy nuclear warhead. South Korean and US troops fired missiles into the waters off South Korea to show their deep strike precision capability. Tata Motors passes GST benefit to consumers; reduces car prices by 12% Tata Motors on Wednesday announced that it has slashed the prices of its passenger vehicles by up to 12 per cent, following the roll-out of the Goods and Services Tax (GST).
"We are offering a price reduction of up to 12 per cent ranging between Rs 3,300 and Rs 2,17,000 depending on the model and variant," the car maker's President (Passenger Vehicles Business Unit) Mayank Pareek said. He said the step was taken with a strong focus to encourage positive buying sentiments. Pareek said the car maker decided to pass on the entire benefit to its customers following the roll-out of GST. In June, company's passenger vehicles sales in domestic market were impacted by the mixed reactions towards GST resulting in low buying sentiments. The passenger vehicle business recorded sales of 11,176 units, lower by 10 per cent, over 12,482 units sold in June 2016. The car manufacturer had said this drop in volume was seen as being temporary.
MRP: Retailers can sell pre-GST goods with new price stickers till 30 Sep. The government has allowed retailers with unsold pre-GST stocks to stick new prices on them for sales, taking into account the post-GST changes.
This means that companies have time till 30 September to clear unsold pre-GST goods with a revised MRP to be displayed along with printed sale price to reflect the changes post the new tax regime kicking- in. The old MRP will have to be clearly on display along with the revised MRP sticker. But from 1 October, all pre-packed goods will have to have just one MRP including the GST.The old MRP will have to be necessarily displayed on the unsold inventories and the new rates can be reflected by way of stickers or through online printing alongside. Aggressive tariffs, Rs 500 4G feature phone: Jio's game plan for disruption. Reliance Jio Infocomm is likely to unveil new tariff plans as well as a Rs 500 feature phone with VoLTE capabilities at the Reliance Industries’ annual general meeting on July 21 as its 84-day Dhan Dhana Dhan offer — announced on April 11 — is ending soon.
Under ‘Dhan Dhana Dhan offer’, the company offered a 3-month long subscription for 4G data, Voice over Long Term Evolution (VoLTE), SMS and a suite of Reliance Jio app on monthly recharge of Rs 309 and above. Deal in trouble? Snapdeal board rejects $850 mn offer from Flipkart. Snapdeal's board is believed to have rejected a takeover offer of $800-850 million (around Rs 5,500 crore) from larger e-commerce rival Flipkart. According to sources privy to the development, Flipkart has completed the due diligence process and has made an offer of $800-850 million to buy Snapdeal.
However, the offer was rejected by the Snapdeal's board which felt the amount undervalues the company as the due diligence report is clean. "The first offer has been rejected but talks are still on. It is an ongoing discussion," said one of the sources. When contacted, Snapdeal, SoftBank and Flipkart declined to comment. SoftBank, the Snapdeal's largest investor, has been proactively mediating the sale for the past few months.
Xiaomi to acquire Nokia's network infra patent; to collaborate on AI, VR. In a strategic move, Chinese tech major Xiaomi and Finnish mobile phone manufacturer Nokia on Wednesday signed an agreement for business collaboration and patent licencing where Xiaomi will acquire key patent assets from Nokia. The multi-year patent agreement includes a cross-license to each company's cellular standard-essential patents. The financials of the deal were not disclosed. "As a company seeking to deliver more exciting technological innovations to the world, we are excited at the opportunity to work more closely with Nokia in future," said Lei Jun, Chairman and CEO of Xiaomi, in a statement. Although not faring well globally including in China, Xiaomi is witnessing rapid growth in the Indian market and clocked over $1 billion in revenue in 2016.
Wipro, Ramot at Tel Aviv University partner for joint research. Software major Wipro Limited and Ramot, the Business Engagement Centre at Tel Aviv University, on Wednesday announced a partnership for joint research in emerging technologies. TAU is Israel's largest institution of higher learning which is home to over 30,000 students studying in nine faculties, over 125 schools and departments across the spectrum of sciences, engineering, humanities and the arts. The partnership envisages the creation of joint research capability at TAU, supported by Wipro to pursue core as well as applied research in fast-developing technologies in the Artificial Intelligence (AI) space, a company release said.
"We are excited to partner with Tel Aviv University to jointly develop innovative IP in core AI technologies that will help us build advanced and differentiated solutions and services for our customers," K.R. Sanjiv, Chief Technology Officer, Wipro Limited, said. Snapdeal-Flipkart deal in trouble? Snapdeal rejects $850-mn takeover offer. Snapdeal's board is believed to have rejected a takeover offer of $800-850 million (around Rs 5,500 crore) from larger e-commerce rival Flipkart. According to sources privy to the development, Flipkart has completed the due diligence process and has made an offer of $800-850 million to buy Snapdeal.
However, the offer was rejected by the Snapdeal's board which felt the amount undervalues the company as the due diligence report is clean. "The first offer has been rejected but talks are still on. It is an ongoing discussion," said one of the sources. When contacted, Snapdeal, SoftBank and Flipkart declined to comment. SoftBank, the Snapdeal's largest investor, has been proactively mediating the sale for the past few months.
BookMyShow forays into food tech, acquires restaurant search engine Burrp. Online entertainment ticketing firm BookMyShow (BMS) has acquired Burrp, a Mumbai-based local restaurant recommendation engine, from Network18. The acquisition is being carried out on a slump sale basis by Foodfesta Wellcare, an arm of Big Tree -- an associate firm of Reliance Industries, which is also the promoter group company of Network18. "The acquisition includes transfer of Burrp's key assets to BookMyShow, including employees and existing restaurant partnerships," BMS said in a statement. Big Tree owns and operates BookMyShow platform. Reliance Jio effect: Airtel extends surprise offer, gives 30GB free 4G data. Bharti Airtel, the country's leading telecom operator, is now offering 30 GB of high-speed 4G data to its postpaid customers.
Under the Airtel Monsoon Surprise offer, which is now live, you can avail of additional data benefits through the My Airtel app. Microsoft may be laying off thousands as it plans major sales force overhaul. Fastest 4G: Reliance Jio tops speed chart for consecutive months, says Trai. Reliance Jio has again emerged as the fastest 4G mobile service provider with an average download speed of 18.8 megabit per second (mbps) in June, according to regulator Trai.
However, the Trai's broadband speed chart showed the average download speed on Jio network slightly dipped from 19.12 mbps recorded in May, but it continued to maintain a lead over others as the fastest 4G mobile service provider for the last seven months. Vodafone was the second in the chart with an average download speed of 12.29 mbps, followed by Idea Cellular which registered 11.68 mbps of average speed and Bharti Airtel at 8.23 mbps, as per Trai data. The Telecom Regulatory Authority of India (Trai) collects and computes data download speed with the help of its MySpeed application on a real-time basis. 4G mobile speed data of other operators was not published. AirAsia India will not pass on GST burden to consumers. AirAsia India is not hiking fares, despite an increase in leasing costs under the new goods and service tax (GST) regime, rolled out on July 1. Airlines have raised the issue of dual taxation on aircraft leases, that is, the levy on import of aircraft and GST on lease rentals.
Infosys Finacle ties up with Singapore firm for AI in banking services. Infosys Finacle, part of Infosys-owned subsidiary EdgeVerve Systems, on Tuesday announced a partnership with Singapore-based fin-tech company Active.AI to offer enterprise Artificial Intelligence (AI)-based platform for banks globally. The platform, in integration with Finacle, will help financial institutions offer conversational banking services through chat and voice-based interfaces across their digital channels.
Tata Tiago crosses 100,000 bookings in India; compact vehicle sale surges. The Tata Tiago, the bellwether car for India's largest automobile manufacturer Tata Motors, has crossed the 100,000 bookings milestone in the domestic market. Credit card bill payment exempt from cash dealing limit: Revenue department. Restrictions on cash dealings of Rs 2 lakh or more will not apply to credit card bill payments, business correspondents appointed by banks and issuers of prepaid instruments, the revenue department has said.
The Finance Act 2017 banned cash transaction of Rs 2 lakh or above with effect April 1, 2017. However, some exceptions were made. Through a notification, the Income Tax Department has exempted five entities from the purview of this Section. Samsung Galaxy Note 7 Fan Edition with smaller battery launched in Korea. Reliance Capital arm invests $1 mn in digital lending start-up Billionloans. Reliance Corporate Advisory Services, an arm of Reliance Capital, today said it has made an investment of about Rs 7 crore ($1 million) in alternative digital lending startup Billionloans Financial Services Pvt Ltd.
Flipkart starts month-long plan for CEO, execs to meet small-town customers. Reliance Capital invest Rs 7 cr in ex-Infosys director's BillionLoans. Reliance Corporate Advisory Services Limited, a unit Reliance Capital has invested Rs 7 crore or about $1 million in BillionLoans Financial Services, a firm founded by former Infosys board member V Balakrishnan. TVS slashes two-wheeler prices by up to Rs 4,000 to pass on GST benefits. Jio eats into market share of large telcos in 2016, reveals Trai data. Mired in ownership battle, McDonald's shuts 80% outlets in Delhi-NCR. Happy 10th birthday iPhone, the nearest thing to a secure pocket computer. OnePlus 5 is 'old wine in a new bottle' but its camera, battery are the real winners.
IndiGo wants Air India's overseas business. Air India privatisation: IndiGo wants to buy stake in debt-laden carrier. Tough times: Cognizant defers salary hikes, promotions by three months. Vivo showcases smartphone with fingerprint sensor under the display. OnePlus 5 becomes bestselling smartphone on Amazon India: Read review here. Apple, Cisco want cyber security insurance discount for joint customers. Vivo retains IPL title sponsorship; to pay Rs 2,199 cr to BCCI over 5 yrs.
Vivo retains IPL title sponsorship; to pay Rs 2,199 cr to BCCI over 5 yrs. IT layoffs: Technology is biggest threat for technology workers in India. Relief to oil sector as natural gas may be included in GST to benefit ONGC. M&M's tractor business turns more fertile than SUVs, CVs. EU to slap Google with record-breaking fine of more than $1.2 bn: Report. Sun Pharma to develop chikungunya, zika drugs.
Aadhaar row: No citizen will be deprived of social benefits, govt tells SC. GST may double Ola, Uber drivers' lease outgo, business may become unviable. Amazon, Flipkart get breather as govt puts tax collected at source on hold. Google Pixel 2 smartphones codenames leaked- 'Taimen' and 'Walleye' Tata Trusts takes digital route for philanthropy to improve 100 mn lives. MTNL to repay Rs 125-cr debt to PSU banks by June 30 deadline. Paytm Mall helps car, bike dealers get online for better visibility, sales.
Airtel may launch VoLTE services in next quarter. Telecom sector woes: IMG to give policy proposals to improve financials. HPCL joins talks to buy 49% stake in Russia's Vankor Cluster oil fields. Telecom sector woes: IMG to give policy proposals to improve financials. Futuristic carmaker: Maruti Suzuki plants training workers, upgrading tech. Royal Enfield, TVS bikes to get cheaper as firms will pass on GST benefit. Mahindra discontinues sales of automatic variant of Scorpio. RIL's new capex plan to delay deleveraging, says S&P. FMCG dealers reduce stocks before GST rollout; firms expect normalcy by Q2. No fresh tax to be imposed on goods already under GST ambit, govt clarifies. Hyundai to recall 43,700 cars in China to avert potential engine failure. Whole Foods buy: Amazon to still need 12 warehouses for grocery delivery.
Fashion business revenue to touch Rs 12,000 cr in FY18: Future Group CEO. Snapdeal sale to Flipkart: Credit Suisse convincing minority shareholders. Infosys to pay $1 mn to settle US visa case. 'Nobody is perfect': Some Uber employees balk at Travis Kalanick's exit. Cloth merchants plan three-day nationwide strike against GST. Modi, Portuguese PM, discuss ways to boost bilateral ties, may sign pacts. Azim Premji gets Carnegie Medal for efforts to reform public school system.
Reliance Industries pips TCS on market cap, takes Rs 1,450 cr lead. TCS hires 12,500 US employees in 5 years; biggest IT services job creator. Infosys' Panaya deal: CEO Vishal Sikka gets all-clear from US law firm. Flipkart-Snapdeal deal hits snag as investor Azim Premji objects to payouts for founders. Reliance Jio beats Huawei as most favoured 4G data card provider. Govt seeks details of proposed manufacturing facility from Apple in India. Reliance Defence & Engineering delivers newly built Panamax bulk carrier.
RCom shares jump over 6% as it starts monetisation of realty assets. Hinduja Leyland Finance calls off IPO plan. AirAsia happy to fly domestic, for now: CEO Tony Fernandes. Most of Apple employees 'leaking' secrets about upcoming devices: Report. Gionee A1 with Virat Kohli signature for Rs 19,999: Here's how to get it. After overtaking Apple in China, Oppo eyes US, Europe. GST impact: June may see muted growth in car sales, decline unlikely. Discrimination allegations: Infosys sued by former head of immigration in US. Reliance Jio's freebies led to 11.7% fall in telecom revenues: Report. PVR Cinemas to add 75 screens this year across country, take total past 650. Uber co-founder Travis Kalanick steps down as CEO.
Reliance Defence forms JV with Thales for IAF's Rafale jet production. Tata Trent raises Rs 100 crore to refinance upcoming repayments. Watch: OnePlus 5 comes with better camera, technical specs and OS than its predecessors. Amazon's dive into groceries with Whole Foods buy explained in 5 points. SuperNight pack: Vodafone counters Jio with unlimited internet at Rs 6/hour.
Reliance Jio is still a second option for 82% telecom users. Samsung Galaxy Tab S3 with S Pen, Android Nougat launched for Rs 47,990. SpiceJet plans to buy 50 turboprop planes from Bombardier for $1.7 billion. Intex Aqua S3 with fast charging battery, VoLTE launched for Rs 5,777. Paytm's new offer: Now, pay no extra charge for cancelling your air ticket.