Business

20 Jun

Supreme Court Demands Explanation From Registry Why Vijay Mallya’s Plea Not Listed For 3 Years

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New Delhi: The Supreme Court has directed its registry to explain why the petition filed by businessman Vijay Mallya, who has sought review of its 2017 order holding him guilty of contempt of court for transferring USD 40 million to his children, was not listed before the concerned court for last three years. A bench of Justices UU Lalit and Ashok Bhushan, which took up Vijay Mallya's review petition in-chamber on June 16, directed the top court registry to furnish all the details including names of officials who had dealt with the file concerning the review petition for last three years.…

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20 Jun

Becomes ‘net debt-free’, announces Mukesh Ambani

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New Delhi: Reliance Industries (RIL) chairman Mukesh Ambani on Friday announced that the oil-to-telecom conglomerate has become debt free after raising over Rs 1.69 trillion over the last few weeks through stake sales in its digital arm and a rights issue. In a statement, the company said that the Reliance Industries has "fulfilled promise to shareholders much before the original schedule of March 31, 2021". "The combined capital raised has no precedence globally in such a short time. Both of these are also unprecedented in Indian corporate history and have set new benchmarks. This is even more remarkable that this was achieved amidst a global lockdown caused by the…

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20 Jun

BMW appoints Vikram Pawah as new president

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German luxury car maker BMW on Saturday appointed Vikram Pawah as the president of BMW Group India effective August 1, 2020, in addition to his current role as chief executive officer of BMW Group Australia and New Zealand. Following the sudden demise of Rudratej Singh, the then president and chief executive officer in April this year, Chief Financial Officer Arlindo Teixeira has been carrying out the role as acting president of BMW Group India. Pawah has been with the BMW Group since 2017, when he joined BMW Group India as the president. In 2018, he was appointed the chief executive officer…

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20 Jun

Petrol, diesel prices raised again

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Petrol price was increased on Saturday by 51 paise per litre and diesel by 61 paise a litre in Delhi, taking the cumulative increase in rates to Rs 5.88 and Rs 6.50 respectively in two weeks in the national capital. Petrol will now cost Rs 78.88 for a litre and diesel Rs 77.67 per litre from Saturday after they were raised for the 14th day in a row. Oil marketing companies have been adjusting retail rates in line with costs after an 82-day break from daily rate revision amidst the coronavirus pendemic. These firms restarted revising prices on June 7.

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19 Jun

ICICI Lombard General Insurance

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ICICI Bank said on Friday it offloaded ICICI Lombard General Insurance Company shares worth Rs 2,250 crore to further strengthen its balance sheet. The 1.8 crore shares sold on Friday were of a face value of Rs 10 each, representing a 3.96 per cent stake in ICICI Lombard General Insurance. After the transaction, ICICI Bank's stake in ICICI Lombard General Insurance Company decreased to 51.9 per cent, from 55.86 per cent at the end of March 2020. Shares in ICICI Lombard General Insurance Company declined to as low as Rs 1,250.10 apiece on the BSE on Friday, marking a fall of 2.07 per cent compared…

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19 Jun

Mukesh Ambani Wins Half of 2020 Deals in Global Telecom

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Billionaire Mukesh Ambani's Jio Platforms Ltd. has attracted more than half the $30 billion investment into telecom companies globally this year, on bets the wireless and digital services firm will disrupt India's massive consumer market. Ten firms including Facebook Inc., General Atlantic, Silver Lake Partners and KKR & Co. have poured a total $15.2 billion into Jio, pending regulatory clearances, Bloomberg data show. Saudi Arabia's sovereign wealth fund was the latest to invest, according to a statement from Jio on Thursday. The deals have helped Mr Ambani, Asia's richest man, make his flagship Reliance Industries Ltd. net debt free ahead…

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18 Jun

Ford to offer hands-free driving in 2021, six years after Tesla

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Ford Motor Co said on Thursday that it will offer hands-free driving on its new Mustang Mach-E fall 2021, six years after Tesla Inc and four years after General Motors Co introduced similar systems. The system, called Active Drive Assist, will be offered on several Ford models, most notably the Mustang Mach-E, an all-electric crossover vehicle that goes on sale later this year and is targeted at the Tesla Model Y arket. Ford said US buyers can order the Mustang Mach-E this fall with the Active Driver Assist hardware package, which includes extra radar sensors and a driver-facing camera, but the software…

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18 Jun

All-New 5th Generation Honda City

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Honda Cars India Limited released the details of its All-New 5th Generation Honda City, ahead of its launch in July 2020. The much-awaited All-New Honda City has been conceptualized to carry forward its legacy, deliver supremacy and exceed the previous benchmark by offering a superior value proposition to its customers. Honda City is among the most popular sedans in the country and is synonymous with Honda brand since the company entered the Indian market with the launch of 1st generation Honda City. The 5th generation Honda City embodies supremacy in its every detail, ranging from its styling, performance, space, comfort,…

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18 Jun

Fuel prices hit new high, petrol hiked by 53 paise, diesel by 64 paise for 12th consecutive day

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For the 12th consecutive day, state-run oil marketing companies (OMCs) has increased the price of fuel on Thursday. The price of petrol is increased by 53 paise a litre while that of diesel by 64 paise a litre. Petrol and diesel will now cost Rs 77.81/litre and Rs 76.43/litre respectively in Delhi. Notably, oil marketing companies have been adjusting retail rates in line with costs after an 82 day break from rate revision amidst the Covid-19 pandemic. These firms on June 7 restarted revising prices in line with costs.

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17 Jun

Jio-Facebook Deal Under Antitrust Review by Competition Commission of India

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India's antitrust watchdog is reviewing Facebook's purchase of a 10 percent stake in Reliance Industries Ltd's digital assets, a deal that would give the US giant another foothold in one of the world's fastest growing Internet markets. The Competition Commission of India looks to prevent misuse of data in all the deals it assesses, Chairman Ashok Kumar Gupta said in an email interview, declining to comment further on the Facebook-Jio transation panding examination. The regulator is also considering whether new parameters should be included in its assessment criteria; currently some mergers and acquisitions escape the threshold for scrutiny even if potential…

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