Great deals in Flipkart, Shopclues sales to clear stock before GST rollout. E-commerce players Flipkart and Shopclues have kicked off sale offers on their websites starting today, promising high discounts, to clear their respective inventories before the roll-out of the Goods and Services Tax (GST) on July 1. While Flipkart is running offers and discounts on fashion products under the sale that would stretch for 9 days, Shopclues is running a week-long promotional offers on home kitchen, electronic accessories, fashion and related accessories. "The objective behind our hosting this exclusive sale event is to reach out to the millions of fashion-savvy Indians across the country," Flipkart Fashion Head Rishi Vasudev said in a statement. Flipkart Fashion Days will run for nine days, starting on June 10 until June 18 under which the company would offer products from 50 brands.
The sale will be across 50 brands, including Aeropostale, Vero Moda, Forever 21, Under Armour, Kenneth Cole, Crocs, Adidas and the like. OnePlus 5 sale to be invite-free; read all about specs of the smartphone. Chinese smartphone maker OnePlus is gearing up for the launch of its much-awaited flagship OnePlus 5 on June 22. After reports that this smartphone might bring back the much-criticised OnePlus invite system, which requires people to have an invite to be able to buy a OnePlus device, the company clarified that there was no such plan and the sale of the smartphone would be "available to all, invite-free". The OnePlus 5 is scheduled to be launched in India on June 22 at an event organised in NSCI Dome, Mumbai. OnePlus is selling to eager fans, for Rs 999, invites that give them entry to the unveiling event along with a few other rewards such as T-shirts, travel backpack, and sunglasses.
What had led to the rumour that buyers might require 'invites' to be able to buy these smartphones was the mention that “Invite holders will receive a OnePlus 5 invite code at the launch event”. It is not just the company CEO who has been sending out teaser before the actual launch of the device. GST will be game changer for Indian economy, says Rajnath Singh. India has become the fastest growing economy in the world and the GST regime will turn out to be a game changer for the country, Home Minister Rajnath Singh said on Friday. He said that India's economy is grew faster even that of China under the NDA government. "The works done in the last three years have given different dimension to the economy and as a result of that, India's economy became the fastest growing economy," Singh said at a programme here. "After the NDA government came to power, several decisions were taken. Fiscal parameters like the Current Account Deficit (CAD) and fiscal deficit are well under control.
The Goods and Services Tax (GST) is going to be rolled out from July 1 and this will be a game changer for the economy," he said. Singh said that the Modi government took several structural and procedural changes in the interest of people. He was referring to some Congress leaders' "maut ka saudagar" (merchant of death) barb against Modi. Demonetisation impact: SBI says slowdown in Indian economy to continue. The country's largest lender, the State Bank of India (SBI), has expressed apprehensions that demonetisation may continue to result in slowing down of the economy and adversely affect its business.
The government had discontinued Rs 500 and Rs 1,000 banknotes from November 9, 2016, and issued new Rs 500 and Rs 2,000 currency notes in exchange for the discontinued ones. The long-term impact of this move on the Indian economy and the banking sector is uncertain, SBI told institutional investors prior to its Rs 15,000-crore share sale through private placement. The effects of India's recent demonetisation decision are uncertain, which may adversely affect the bank's business, results of operations and financial condition, the bank said in the Preliminary Placement Document to investors while flagging the 'risk factors'. "The demonetisation has and may continue to result in a slowing down of the Indian economy, which may adversely affect the Bank's business," it said.
Beauty, personal care market to touch $10 bn by 2021: IBHA report. Beauty and personal care (BPC) market in India is expected to touch $10 billion by 2021 growing at an annual rate of 5-6 per cent on the back of evolving consumer awareness and aspirations, according to a report by Indian Beauty & Hygiene Association (IBHA). On a global comparison, per capita spend in India at $7 (about Rs 450) on BPC is significantly lower than that in developed nations and the market is estimated to be $8 billion, according to IBHA. Yet, the expansion of the market is in line with India's GDP growth, it said, adding the rural market will also start driving growth. "There is a paradigm shift in consumer preference from looking good to feeling good, and the industry is innovating to address the evolving consumer awareness and aspirations," IBHA said in its report. The BPC industry is categorised into five segments - body care, hair care, face care, hand care and colour cosmetics.
IBHA is a trade association of the beauty and personal care industry in India. FMCG products to see decline in volume post GST: Britannia. FMCG products will see a decline in volume in the short term with channel partners of companies keeping less stock in view of GST, which is set for July 1 launch, according to Britannia Industries. The company, however, said that with tax rates for the overall biscuit category being largely neutral, GST would provide a level-playing field to organised players in the industry. "This is going to be a fairly tight month, especially for FMCG companies, as trade will down-stock, no matter, how much communication and assurances are sent out to them," Britannia Industries Managing Director Varun Berry told PTI. This will take a toll on volumes in the short term, say for the next three months, he added. It will be crucial for companies to keep a tab on what is happening at the ground level due to the new taxation system and keep communication open with their channel partners, Berry said in an e-mailed response.
FM Jaitley to meet PSU bank chiefs on Monday to review NPA situation. Finance Minister Arun Jaitley will meet heads of public sector banks (PSBs) on Monday to discuss the issue of non-performing assets (NPAs) and the steps being taken by them to expedite the recovery of bad loans that have crossed Rs 6 lakh crore. Besides, the minister will review the financial performance of all PSBs at the meeting, the first between Jaitley and them in the current financial year (FY). The meeting also assumes significance as it will be the first after last month's promulgation of the ordinance amending the Banking Regulation Act, 1949. The government had through this ordinance empowered the Reserve Bank of India (RBI) to ask banks to initiate insolvency proceedings to recover bad loans and promised more measures to resolve the NPA crisis.
Apart from the financial performance review, the meeting will take stock of the status of stressed assets and various measures taken to clean up the balance sheets of banks so that they can start lending. Despicable, all-time low: Ola slams Uber over rape investigation sabotage. Taxi-hailing app Ola hit out at rival ‘Uber’ after the latter fired its Asia Pacific business head who had allegedly obtained medical records of a 26-year-old woman who was raped by an Uber driver in India in 2014.
The expelled Eric Alexander alleged that Ola was behind the incident to sabotage Uber's India business. Ola has described Uber as "despicable" and "low on morality" following a report that claims the American firm badly mishandled the rape of a customer in 2014. In a statement on Thursday Ola said, "It is a shame that the privacy and morals of a woman have to be questioned in an attempt to trivialise a horrific crime.
It is despicable that anyone can even conceive an attempt to malign competition using this as an opportunity. If this report were to be even remotely true, this is an all-time low on morality and a reflection of the very character of an organisation”, Ola said. The victim later settled with Uber for a reported $3 million, reports said. After Airtel, BSNL gears up to fight upcoming Reliance Jio's high-speed broadbrand. Bharat Sanchar Nigam Ltd (BSNL) is mulling to revise its home broadband tariffs to counter the entry of Reliance Jio’s fibre-to-the-home (FTTH) broadband service, according to a report in the Economic Times. According to the Telecom Regulatory Authority of India (TRAI), BSNL leads the wired broadband market with almost 10 million subscribers. The state-run company currently offers FTTH based broadband connection for as low as Rs 799 under which the subscriber gets 10 GB of broadband data at 4 Megabits per second (Mbps).
There are unlimited plans too that offer unlimited high-speed broadband data based on fair usage policy (FUP). The unlimited data plans starts at Rs 2,641 that offers 175 GB high-speed data at 8 Mbps speed, which is throttled to 1 Mbps speed once the allocated quota is consumed. Airtel also refreshed its broadband plans and offered 100 per cent additional data to Airtel home broadband users under the new plans. GST Council to meet on June 11 to review rates, amend rules. The all powerful GST Council will meet on Sunday to review some of the rates on which industry has expressed displeasure, besides amending the draft rules.
This will be the 16th meeting of the Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, since it was set up in September 2016. "Main agenda items include confirmation of the minutes of the 15th GST Council meeting held on June 3, approval of amendments to draft GST rules and rate adjustment, if any, based on the representations received from different trade and industry and their associations," a finance ministry statement said. The June 11 meeting would probably be the last one of the Council before the Goods and Services Tax (GST) is rolled out from July 1. Various industry associations have sought a review of the tax rates saying that the GST incidence is working out to be much higher than the present level of taxation. OnePlus 5 to be launched in India at Rs 32,999; here is what the device looks like.
Chinese smartphone maker OnePlus is gearing up for the launch of its much-awaited flagship OnePlus 5 on June 22. And, according to latest reports, the smartphone is initially going to be available in two variants and a price tag of Rs 32,999 for the base model. A True-tech.net report mentioned the price quoting "reliable sources" and said OnePlus 5 would be launched with two storage and RAM variants – 64GB/6GB and 128GB/8GB. According to the report, the base model, with 64 GB of storage and 6 GB of RAM, might be priced at Rs 32,999, while the premium version with 128 GB of storage and 8 GB of RAM could retail at Rs 37,999.
Recently, a teaser image posted on microblogging site Twitter by OnePlus showed that the OnePlus 5 smartphone would have dual rear cameras placed horizontal at the top left of the device. It also revealed that the upcoming smartphone might offer black as a colour option. OnePlus 5 camera sample Photo: Weibo. SoftBank acquires robotics firms from Google: Why it matters. Google – which put itself and its subsidiaries under the auspices of newly formed Alphabet as part of a 2015 corporate restructuring – acquired the two companies amid a robotics-focused M&A drive back in 2013. Why it matters: It was reported in March last year that Alphabet was putting Boston Dynamics up for sale. Toyota has been one of the rumoured suitors for the US company. SoftBank has already made robotics a central pillar of its forward plans. Its “humanoid” robot Pepper was officially unveiled 2014 and has potential applications in areas as diverse as crowd control, multilingual translation, and elderly care, according to the Japanese company.
It is not clear at this stage if these acquisitions are linked to SoftBank’s $93 billion-plus Vision Fund. Laptops cheaper than smartphones: Best deals under Amazon India's 'Back to Class' sale. In its 'Back to College' sale and 'Back to class' offers, Amazon India has since June 8 been offering very exciting deals especially for school and college students. The sale, to continue till June 11, is centred around products particularly of interest to students. Here are some of the best deals that are currently running on Amazon India for students: Back to Class Sale Under the 'Back to Class' sale, Amazon India is offering huge discounts and offers on books, school bags, sports & fitness accessories and basic school supplies.
Books For students in class 10, the e-commerce giant is offering Oswaal social science CBSE chapter-wise and topic-wise question banks with complete solutions (for March 2018 exam) for Rs 215. Photo: Amazon For students looking for a book on English language for class 10, Amazon is offering All in One English communicative by Gajendra Singh at Rs 227, down from Rs 350, a discount of 35 per cent.
School bags Sports & fitness accessories and other school supplies. Wipro sees Trump's administration, regulations as threat to growth. Wipro, India’s third-largest software services exporter, said Donald Trump’s administration and his regulations could be a potential threat to its growth. At a time when IT companies such as Tata Consultancy Services, Infosys, HCL Technologies and others seem to be jittery about the impact of protectionism in the US and other key markets; Wipro for the first time said “developments stemming from the recent US Presidential election could have a material adverse effect” on its growth.
The Bengaluru-headquartered company talked about this political uncertainty in its filing to the US Securities and Exchange Commission. “On November 8, 2016, Donald J Trump was elected the next President of the United States. As a candidate, Trump expressed support for policies impacting existing trade agreements, like North America Free Trade Agreement. 5 Nifty companies announce bonus shares in 2017; highest in 11 years. Engineering & construction giant Larsen & Toubro (L&T) and state-owned oil marketing company, Bharat Petroleum Corporation (BPCL) from the Nifty50 index in last week declared bonus shares in the ratio of 1:2 i.e. 1 new bonus equity share for every existing 2 equity shares. Besides these two, total five companies including ICICI Bank, Wipro and Gail (India) from the index announced bonus shares thus far in the current calendar year 2017 (CY17).
The number of companies from the Nifty50 index rewarding bonus shares to their shareholders is the highest in past 11 years. Earlier, during the entire calendar year 2006, total seven companies – Cipla, Tata Consultancy Services (TCS), Infosys, Dr Reddy’s Laboratories, L&T, Oil and Natural Gas Corporation (ONGC) and HCL Technologies – from the benchmark index had issued bonus shares. Thus far in 2017, the equity markets have recorded its best ever start during past eight years, with the Nifty 50 index gaining 17.5% between January and May, 2017. Alibaba Group acquires majority stake in Chennai-based TicketNew. GST on gold: Buying and making jewellery to get expensive for consumers.
IT shares gain; TCS, HCL Tech near 52-week high. Sensex trades flat, Nifty below 9,650 ahead of RBI policy outcome. Markets turn choppy after RBI maintains status quo on policy rate. Oil prices jump after Saudi Arabia and Arab allies cut ties with Qatar. RBI expected to be less hawkish, may leave interest rates unchanged. Apple helped UK investigate terrorist attacks, says Tim Cook. Jio effect? Telecom industry is at its weakest, govt will have to step in. Uber fires 20 employees, hires Harvard professor to fix leadership crisis. Apple's first TV series releases tonight: It's like the Shark Tank of apps. Soon, Whatsapp will allow you to 'recall' messages. Soon, Whatsapp will allow you to 'recall' messages.
OnePlus 5 available in India from June 22; you can buy phone at launch. GST rate of 28% on paints will not differ much from existing rate: Industry. Amazon, Flipkart offer discounts to clear stocks ahead of GST roll-out. Airtel-Telenor merger receives CCI approval. Siri, WeChat may expose you to voice hacking risk: Scientists. Apple to enable p2p payments within iMessage.
Uber, Ola promote cab-sharing services to offset dip in regular rides. iOS 11: Here are the new features coming to Apple iPhone and iPad this fall. Will Infosys, TCS hire 40,000 techies? No, suggests Head Hunters India. Micromax Yu Yureka Black hits the sweet spot, ticks almost all right boxes. Carmakers Audi, BMW, Ford bring younger CEOs to driving seat. 28 hours a week: Indians spend 7X more time on smartphones than on TV. Babri prosecution will not be safe in CBI hands unless SC monitors its work. Does Instagram copy Snapchat? Insta CEO admits 'stories' similar to 'snaps' Inside story behind Modi govt's move to regulate cattle slaughter markets. Airtel, Telenor file joint application for merger approval before NCLT. Don't like Aadhaar? Watch out for Twitter trolls like these. Samsung Galaxy S8+ with 6GB RAM launched in India; priced at Rs 74,990. Trump has a very honest view of things, I like such people: Vladimir Putin.
Truecaller beats Facebook, becomes 4th most downloaded app in India: Report. Reliance Jio's 4G download speed at an all-time high of 19.12 mbps in April. TCS increases local hiring in US, applies only for a third of H-1B visas. Azim Premji's salary drops 63% as Wipro sees slowdown in profits. Food tech to be a billion-dollar sector in 2 years. GST regime: Khadi yarn, Gandhi topi, national flag to not attract any tax. GST levy to provide level-playing field to organised retail: CARE ratings. BoI may sell stake in subsidiaries to raise capital to deal with bad loans. Jio effect: Tata Tele's net worth erodes by Rs 11,650 cr. 100 GB broadband data for Rs 500: Reliance Jio may launch JioFiber by Oct. Smartron srt.phone: A fine deal if you are a die-hard Sachin Tendulkar fan.
Sachin: A Billion Dreams: A glorified account of an over-glorified celeb. Modi's Germany visit signals Asian pivot for Atlanticist Angela Merkel. iPhone 8 to feature new display format with OLED design: Report. Modi govt's cattle trade ban to halt $4 bn beef exports, lead to job losses. ITC Q4 net up 12% at Rs 2,669 crore. Hindustan Petroleum Q4 net jumps 31% to Rs 1,819 crore. IT job cuts: Infosys founder Narayana Murthy saddened by recent layoffs. Infosys, other Indian IT firms discovering benefits of hiring locals in US. Bharti Airtel offers 1,000 GB of extra data on selected broadband plans. Facebook files patent application for payment services via messages. Pink slip woes: Maharashtra labour dept calls IT union, Cognizant for talks.
iPhone production: India offers a homemade road map to Apple. Customers will force Airtel, Vodafone, Jio into battle for market share. BJP plans to extol PM as 'innovator' to mark three years of Modi govt. Arnab Goswami gets notice from Delhi HC for alleged Times Now 'theft' Xiaomi Redmi 4 on sale from noon today: Phone's a steal at Rs 6,999. Saharanpur protests herald a new phase in Uttar Pradesh's dalit politics. Manchester attack: 22 dead; kids missing from concert, here is what we know.
No, Google's not a bird: Bringing the internet to rural India. New Truecaller update rolls out Group Messaging, MMS features for users. Reliance Jio user addition slowing; Airtel could be long-term winner: UBS. Implementation of swadeshi policies have started benefitting, says Vellayan. Dangal set to beat Baahubali-2, grosses over Rs 1,500 crore worldwide. IPL final 2017: Mumbai Indians beat Rising Pune Supergiant; Dhoni defeated. Maruti Swift outruns Alto as best selling hatchback in April. Honda suspends operations at Noida facility due to power, water shortage. LG to tap into India's Rs 150-cr air purifiers market. Zuari Agro Chemicals approves Rs 1,300 cr to revamp ammonia-urea plants.
LIC earned over Rs 180k cr from investments in FY17. Gitanjali Gems, Titan, PC Jeweller among world's top 50 luxury goods cos. Himalaya eyes to double market share in men's facewash to 20% Bajaj Auto in recovery mode in FY18 after note ban; BS-III ban hit sales. Heat waves in India claim more lives than earthquakes, cyclones. Delhi University extends online registration deadline for African students. Pakistan govt wants ICJ to rehear Kulbhushan Jadhav case amid anger at home. IPL 2017: Rising Pune Supergiants to face Mumbai Indians in final. WannaCry-infected Windows can be unlocked without paying ransom: Know how. EVM tampering possible? EC to hold live demo today in New Delhi. Global Burden of Disease Study: India at 154, lags behind Bangladesh. Heat waves in India claim more lives than earthquakes, cyclones.
Xiaomi Redmi 4 takeaways: A fine balance of software, hardware and design. Royal Enfield identifies 4 core markets overseas, to double retail presence.