US car maker Ford on Tuesday said it will phase out its hatchback 'Fusion' from the Indian market, as it gets ready to launch the small car 'Figo' next month.
Fintech players are customising solutions for rural markets and helping SMEs learn how to use the services
The current slump in the automobile sector has delivered a hard knock to component makers -- classified as small and tiny enterprises -- as about 600 manufacturing units in Jamshedpur have shut down operations, while more than 2,000 other units spread across the country are on the verge of closure.
Rapid strides in digital payments notwithstanding, the Indian economy will likely remain cash-dependent for many years to come, at least that's what the automated teller machine makers and cash logistics companies are betting on. After growing at over 20 per cent for most of 2020, currency in circulation growth fell to 8.5 per cent as of October 29 this year, shows data from the Reserve Bank of India (RBI). The reason for the steep rise in currency last year was the uncertainties related to the Coronavirus (Covid-19) pandemic, where people preferred to hoard cash to meet exigencies.
Videocon, Philips and Godrej are reworking strategy to grow their small appliance business. Last year, their focus was on high-end products. This shift to the low-end segment, they believe, will help them maintain their sales growth from Tier-II & Tier-III cities, while simultaneously helping them penetrate into rural areas. Home appliances account for over Rs 50 billion of the Rs 320 billion consumer durable business and is growing at a rate of 10-12 per cent.
From mass layoffs to acquisitions, here's how the Indian start-up industry kept us on our toes.
The Audi mobile showroom will tour 30 cities over the next two years.
Cotton County, ready-to-wear apparel brand unveils it's Spring Summer' 07 Collection of men's casual wear, semi-formals and attitude wear.
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Because of corrections in property prices and oversupply in the office segment, the rich are investing in hospitals, warehouses, ATMs and other alternatives to traditional investment options.
India's plant-based meat market is estimated at $30-40 million, largely driven by consumer packaged food. The market size in India is likely to touch $500 million in three years.
The Pension Fund and Regulatory Development Authority has unveiled a savings account scheme under the New Pension Scheme which would allow investors to enter and exit at will. The account, called Tier-II, will be available only to those who have subscribed to Tier-I, which an investor cannot exit till the age of 60. Tier-I, a pension account, was launched in May but has not found too many subscribers in the absence of tax benefits at the time of withdrawal.
The cities for which the CTTP is being framed are Mysore, Mangalore, Belgaum, Hubli- Dharwad, Bellary and Gulbarga, which are administered by municipal corporations. The plans are being drafted on the directions of the Directorate for Urban Land Transport. According to a recent study, urbanisation is going on at a fast pace. The urban population has risen 30 per cent.
The US department of commerce's first Aerospace Supplier Development Trade Mission to India is currently on a five-day trip to the country. The mission has 11 aerospace companies, many of which are suppliers to Tier-I and Tier-II aerospace companies in US and different parts of the world.
The bank, however, plans to raise around Rs 500-600 crore (Rs 5 to 6 billion) to augment its tier-II capital in the domestic market. Union Bank of India, which had planned a rights issue to bolster its capital base, had deferred its plans even before the US financial meltdown started.
The car is expected to hit the road on October 23 and is being launched as Hyundai celebrates two decades in the country. Industry sources say that it will be priced at Rs 3,70,000 to stay competitive with its biggest competitors, Tata Tiago and Maruti Suzuki Celerio.
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
Expressing commitment to augment the country's infrastructure, Finance Minister Nirmala Sitharaman on Monday proposed to significantly enhance capital expenditure to Rs 5.54 lakh crore in the next fiscal, besides creating institutional structures and giving a big thrust to monetizing assets to achieve the goals of the National Infrastructure Pipeline (NIP). Sitharaman said NIP, that was launched in December 2019 with 6,835 projects, has now been expanded to 7,400 projects and around 217 projects worth Rs 1.10 lakh crore under some key infrastructure ministries have been completed. "For 2021-22, I propose a sharp increase in capital expenditure and thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE of 2020-21," the finance minister said.
A new kind of pension-cum-savings scheme is on the anvil, which would provide a safety net as well as liquidity to the holder.
The performance of the Mumbai-based public sector bank may continue to lag behind its peers longer than expected due to the deterioration in its credit cycle, the agency said. Even though IDBI's non-performing asset ratios improved significantly after bad loans worth Rs 9,000 crore (Rs 90 billion) were transferred to a trust in FY04, the current economic slowdown could impact the bank's corporate loan portfolio.
The Chicago-headquartered firm currently has 32 hotels across 20 destinations under its eight brands in India. The eight brands under the Hyatt portfolio in India are -- Hyatt, Hyatt Centric, Hyatt Regency, Hyatt Place, Park Hyatt, Grand Hyatt, Alila and Andaz.
Following a successful year in the country, global luxury car maker BMW plans to expand its dealer network in India. While the German giant is considering metros and mini metros in the first round of expansion, it would also target tier-II cities with high consumer spending, Peter Kronschnabl, president, BMW India, said on Wednesday.
Among 30 lead sectors that provided maximum jobs to young aspirants between Jan-March 2008, financial services outpaced the IT sector in Tier II and Tier III cities, an Assocham study said. For Jan- March quarter, the financial services was the second highest job offering sector, providing maximum employment opportunities of 26.35 per cent during the said period. The study covered 60 cities comprising Tier I, Tier II and Tier III cities.
There are jobs for MBA graduates, particularly in sales, FMCG, telecom and consulting areas. The jobs, according to industry experts, are unfolding in new areas and domains in Tier-II and-III cities and in rural areas. Treating the first job as an extension of the college would be the best approach with the job situation in today's market. Good academics, soft skills, computer skills and learning on the job would be the primary requirements for candidates to find a job.
Two years in the tennis wilderness has not been all bad for Ana Ivanovic, the former world number one says it has helped her get over her fear of failure. The 22-year-old Ivanovic has won just one Tier II tournament since her breakthrough Grand Slam victory at the French Open in 2008, falling to number 58 in the world, but she showed promising signs by reaching the last four at the Italian Open this week.
The pandemic and social distancing have forced umpteen changes in our lives. The way people date is yet another one of them.
Gurgaon-based MDLR Airlines is planning to make Kolkata the hub for its North East operations, as it plans to fly to eight new destinations within this year.
India's mid-cap software companies may shed as much as 10 per cent of their workforce as revenues and margins have shrunk owing to a global slowdown, analysts say.
The former world No 1's second round victory set up a quarter-final meeting with Russia's Anastasia Rodionova at the Bangalore Open.
The Bangalore Open has received another boost with Serbian world number four Jelena Jankovic confirming her participation in the tennis tournament to be held in Bangalore from March 3-9.
Indbank Merchant Banking Services (Indbank), a subsidiary of public sector Indian Bank, opened its first 'trading cafe' for stock trading in Chennai. It plans to open another 20 such cafes and 18 new branches during 2008-09 across the country.
Smartphones are powered with free unlimited Internet browsing for a year.
BCCI has reacted sharply to the Committee of Administrators red-flagging a proposed Day/Night Test match against the West Indies in October despite positive feedback from national chief coach Ravi Shastri.
Generic drug sales in the US, that power the business of such leading Indian drug manufacturers as Ranbaxy, Dr Reddy's, Sun Pharma, Lupin and Zydus Cadila, will face competition soon, as big US wholesalers decide to outsource their requirements from upcoming Indian manufacturers.
The committee has recommended Rs 8,000-10,000, Rs 13,000-15,000, and Rs 15,000-18,000 including PPE costs for isolation beds, and ICUs with or without ventilator, respectively, to all hospitals. Currently, hospitals are charging Rs 24,000-25,000, Rs 34,000-43,000 & Rs 44,000-54,000 (excluding PPE cost).
The bank plans to raise unsecured and rated Rupee Innovative Perpetual Debt Instruments, upper Tier or Lower Tier II subordinated debt during the remaining part of 2008-09 and 2009-10, SBI said in a filling to the National Stock Exchange. The fund not exceeding Rs 18,000 crore (Rs 180 billion) would be raised in tranches with a minimum maturity of over 60 months as per the RBI guidelines through structured deals or by private placement, it said.
Encouraged by their progress, many small IT firms are now exploring tier-III cities such as Udupi, Manipal, Hubli and Belgaum in Karnataka, Kozhikode in Kerala, Tirunelveli in Tamil Nadu, Jaipur in Rajasthan, and Durgapur and Kharagpur in West Bengal.
Spencer's Retail, the retail arm of RPG Group, says it has seen a 30-40 per cent decline in the rentals in Tier-II and -III cities. In Tier-I and metropolitan cities, the correction is in the range of 15-20 per cent, and a further correction and its impact is likely to come in the next few months.
Vijay Mallya-promoted Kingfisher Airlines plans to launch more flights on new routes in its summer schedule, beginning March besides introducing services connecting Tier-II cities in the western and southern regions.
Unlike IT services companies, which require a large workforce, an average semiconductor design firm needs 150 engineers
With growth in mobility and mobile penetration levels in tier II and III towns and cities, Microsoft India is looking at a larger chunk of its mobility business from these regions.
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