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mVisa To Expand To 10 Countries
MVisa, a mobile solution, brings the benefits of easy and secure digital commerce to financial institutions, merchants and consumers in emerging markets - helping accelerate the global migration from cash to electronic payments. MVisa aids in overcoming merchant infrastructure issues as it allows consumers to use their mobile phones to make cashless purchases at merchant outlets, pay bills remotely and even send money to friends and family members by securely linking their Visa debit, credit or prepaid account to the mVisa application.
'5 Major Telecos Optimum For Indian Market'
The fresh round of consolidation unfolding in the Indian telecom market is likely to yield five major players ensuring enough competition but not fragmentation of spectrum, Telecom Secretary J S Deepak said. On consolidation playing out in the telecom market, he said, The way things are. Asked if the spate of buyouts would leave enough room for competition in the Indian market, Deepak said, Ideal is five players for India, which is what is likely to happen.
Maruti Suzuki Baleno RS: Guess the price now!
Maruti Suzuki will launch the Baleno RS in India on March 3, 2017. The Baleno RS is a more powerful version of the Baleno hatchback that Maruti Suzuki sells from its Nexa chain of showrooms. Maruti Suzuki states that the Baleno RS gets black alloy wheels however the wheel size and tyre size of the Baleno RS are the same as the Baleno's. Over the Baleno Alpha, the only major feature update that the Baleno RS gets is the rear disc brakes.
Shell companies: Task Force to prosecute about 10 lakh such firms
As to check future black money generation through shell company route, a government task force has decided to prosecute about 10 lakh such firms and prepare an Aadhaar-based KYC registry. They said all the agencies have been asked to identify such firms by this month-end so that the tax department can subsequently take action. Preliminary estimates state that 10 lakh such firms, out of the total 15 lakh, are in the dubious activities category.
Car sales gather pace in February, ride out demonetisation blues
India's largest car maker Maruti Suzuki said its domestic sales stood at 120,735 units, up 11.7% from 108,115 in February last year. Ford India reported a 52% jump in its domestic sales at 8,338 units in February as against 5,483 in the same period a year earlier. The industry is seeing some green shoots, recovering from the impact of demonetisation, said Anurag Mehrotra, executive director at Ford India.
Mercedes-Benz forced outside the box in search for next big thing
He then invited everyone to test it first-hand in a Mercedes S-Class sedan in a corner of the exhibition hall. Beyond showcasing cutting-edge electronics, the event underscored how automakers-long viewed as slow-moving giants-have begun to adjust as technology disrupts their industry. We have to talk about a new structure of partners and suppliers, said Sajjad Khan, vice-president for digital vehicle & mobility at Daimler. As cars fill up with gadgets-from gesture-controlled radios to 3D windshield displays-carmakers are scrambling to find a technological edge.
India's la-la land infrastructure moment
Chapter 5 of the Asian Development Bank's report on infrastructure-Meeting Asia's Infrastructure Needs-looks at the immediate investment required in infrastructure for 25 developing member countries (DMCs) between 2016 and 2020. In 2015, these countries invested $881 billion, which is well below the annual requirement of $1.2 trillion between 2016 and 2020. The report says bridging the gap will need sufficient finance to be made available and tackling of institutional issues related to infrastructure projects.
Honda WR-V Launch Date Revealed
Honda WR-V, the upcoming subcompact SUV from the Japanese carmaker will be launched in India on the 16th of March 2017. The WR-V also has to compete with crossovers like the Hyundai i20 Active, Toyota Etios Cross and the Fiat Avventura. The new WR-V is built on the same platform that underpins the current generation Honda Jazz and City so there will be a lot of parts sharing.
PM Modi's note ban pulls down India's GDP growth rate to 7% in December quarter
The Indian economy grew at seven per cent in the December 2016 (Q3) quarter, the slowest in eight quarters. The Reserve Bank of India had projected growth rate of 6.9 per cent for FY2017 at its sixth bi-monthly monetary policy meeting early this month. Most analysts had expected GDP growth rate to slowdown in Q3 and also for the full financial year as a result of demonetisation.
Israel Aerospace puts IPO, foreign acquisitions in its sights
State-owned Israel Aerospace Industries (IAI) believes the need for a public share offer is becoming urgent as the country's largest defence contractor wants to make acquisitions abroad to enable it to better compete in foreign markets. He said IAI currently needs to issue bonds or borrow money from banks and pay interest of 3-4 percent. The regulations in the banks in Israel and around the world limit us and we cannot support our backlog , Younian told Reuters.
India considers reinstating 25 percent wheat import tax
India could impose a 25 percent import tax on wheat by the middle of March, two government sources said on Wednesday, reinstating the tariff after a gap of nearly three months in response to recent large purchases from overseas. India, the world's second-biggest wheat producer, lowered the import tax on the grain to 10 percent from 25 percent in September 2016 and scrapped the duty on Dec 8 last year.
Ola, Uber drivers protest in Bengaluru over reduced earnings
Drivers attached to cab hailing platforms Uber and Ola in Bengaluru began their proposed hunger strike at Freedom Park on Wednesday to protest against falling earnings on both platforms. Far H D Deva Gowda's Janata Dal (Secular) and the Karnataka BJP have extended support to the protesting drivers. Former Karnataka Chief Minister H D Kumaraswamy on Tuesday promised drivers to work towards getting them the permission to stage a peaceful protest at Freedom Park.
Tata Steel to source iron ore from OMC for feeding Kalinganagar plant
Besides sourcing ore from its captive mines, Tata Steel has been buying iron ore from the merchant miners. Now, Tata Steel is examining the feasibility of clinching a long-term pact with OMC to secure iron ore supplies. We may go for an extension depending on quality and pricing of iron ore from OMC and also logistics issues, said a Tata Steel source. For Tata Steel, seeking iron ore from OMC is fraught with risk given the high cost of the raw material.
Banks' profit to improve in FY18, capital infusion necessary: S&P
S&P Global Ratings on Tuesday said profitability of banks will improve in the next financial year but barring large capital infusion the ratings on PSU banks would remain vulnerable. Barring further large capital infusions from the government, the credit profiles of some of the public sector banks we rate in India will remain vulnerable, it said. A likely increase in nominal GDP growth and higher commodity prices will lead to greater working capital requirements for firms.
Pace slackens for road construction scrips
The bull run for road construction stocks began in 2013 in anticipation of the Bharatiya Janata Party (BJP) being voted to power at the central government. Between 2013 and 2014, most stocks of road construction entities had doubled or even trebled. The few exceptions include ITD Cementation and IL & FS Transportation, which have returned 21 per cent and 10 per cent. It's time the National Highways Authority of India (NHAI) and ministry of road transport and highways step up infrastructure spending.
Despite demonetisation, India's GDP growth stays 7 per cent: Govt data
GDP growth was pegged at 7.9 per cent in the previous financial year. Nearly all research agencies had forecast that growth estimates for the economy would slide because of the slowdown in consumption due to demonetisation. The Economic Survey for 2016-17 had projected India's GDP growth rate to reduce by 0.25-0.5 per cent in 2016-17 owing to cash squeeze in the economy following demonetisation.
April-January FY 17: Fiscal deficit goes past full-year target
Despite some curbs imposed on expenditure, the Centre's fiscal deficit in the first 10 months of the current fiscal was at Rs 5.64 lakh crore or 105.6 per cent of the full-year target of Rs 5.34 lakh crore. The government is confident of meeting the fiscal deficit target of 3.5 per cent of GDP as the last two months will see increase in tax/disinvestment/dividend revenue and control on spending.
Defence will emerge as the largest business of Reliance Group: Anil Ambani
]1 lakh crore annually in the Indian defence market. There is a huge opportunity for private sector in the defence business as currently India imports 70% of its defence requirement in value terms and accounts for 14% of the global defence imports in 2016, said Anil Ambani addressing a gathering of 80 analysts in Mumbai on Monday. ]30,000 crore of defence orders comprising landing platform dock and anti submarine warfare and shallow water craft.
NHPC to buy back shares worth Rs 2,616 crore
State-run hydro power generator NHPC on Tuesday said it will buy back over 81 crore equity shares at Rs 32.25 apiece totalling about Rs 2,616 crore. It has appointed SBI Capital Markets Ltd as the manager to the buyback offer. The buyback will be offered at the rate of Rs 32.25 per equity share paybale in cash, for an aggregate consideration of Rs 2,616 crore, it said. Under the buyback plan, the shares bought by the company are extinguished from the shareholding.
Pvt engg, medical colleges hit hard by note ban: Ind-Ra
Private educational institutions, specially engineering and medical colleges collecting donation and capitation fees in cash have been significantly impacted by note ban, said Fitch Group arm India Ratings. The impact of demonetisation on the education sector has been mixed, said India Ratings and Research (Ind-Ra) report, while maintaining a stable outlook on the education sector for 2017-18. The move lead to huge cash crunch in the economy as 86 per cent of the currency was scrapped.

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