-
Make in India Week: Prime Minister Narendra Modi on Friday launched the largest-ever manufacturing summit Make in India (MII) Week in the presence of heads of state, a battery of business leaders and foreign delegates. The Make in India Week event is aimed at attracting investments into the manufacturing sector and showcasing success stories at a specially-created venue at the BKC business district in Central Mumbai. Prime Ministers of Finland and Sweden and the deputy premier of Poland were also among the attendees. [13-02-2016]
-
Bank of Baroda: Amid mounting bad debts for public sector banks, Bank of Baroda reported a net loss of Rs 3,342.04 crore for the third quarter — biggest-ever quarterly loss for any lender in the country. The bank had recorded a standalone net profit of Rs 333.98 crore in the same quarter of the last fiscal. [13-02-2016] (Reuters)
-
Ratan Tata: Bengaluru-based retail technology startup SnapBizz announced that it has raised an undisclosed round of funding from veteran industrialist Ratan Tata. This is Tata's eighth investment in startups in 2016 so far. Tata, former Tata Group chairman, has invested over 20 startups so far. SnapBizz solutions enable smart store management and a digital connection to consumers, FMCG companies and distributors. SnapBizz was founded in 2013. [14-02-2016]
-
Anil Agarwal: NRI billionaire Anil Agarwal on Saturday announced that it will set up India's first LCD manufacturing facility, which will see an investment of $10 billion (about 68,000 crore) in five phases. Agarwal-led firm Twinstar Display Technologies will sign a memorandum of understanding (MoU) with Maharashtra government to set up the facility. [13-02-2016]
-
Snapdeal: Online e-commerce marketplace Snapdeal has raised Rs 335 crore in Series J round of funding from Brother Fortune Apparel, a Singapore-based company. Founded in 2010 by Bahl and Rohit Bansal as a deals site, Snapdeal, has become the biggest local rival to Flipkart. For 2014-15, the company has posted a revenue of Rs 938 crore with a net loss of Rs 1,328 crore, a five fold rise compared to 2013-14 when it posted a loss of Rs 264 crore. [13-02-2016] (Reuters)
-
Service tax: The rate of service tax could go up to a flat 16% from an effective 14.5% now in the coming Budget, but the government would try to soften the resultant blow to businesses and consumers with a broadening of the credit base and an increase in the turnover threshold for the tax net, from R10 lakh at present to Rs 25 lakh. The rate hike, in step with the need to align the service tax with the proposed GST rate of 18-20%, would still yield significant additional revenue to the government. [14-02-2016]
-
TRAI: The Telecom Regulatory Authority of India’s (Trai) regulation on differential tariffs, which came into force from February 8, has thrown operators like Vodafone India and Idea Cellular into a tizzy. These operators do not have an operator-agnostic application like Bharti Airtel’s Wynk for movie and music downloads but have tie-ups with Hungama Play exclusively for their subscribers, where subscription charges are waived off for the first three months. [14-02-2016]
-
Gold prices: Gold prices continued to enjoy a strong resurgence for the second straight day and reclaimed the significant Rs 29,000 landmark – its highest level in 20-month – on the back of surging demand. A global market selloff in the midst of uncertain macroeconomic environment and highly volatile currency made a perfect blended cocktail for its strong incremental advances amid heavy speculative buyout. Moreover, expectations of robust festive and wedding related demand for the yellow metal in the coming months also supported the upmove, a bullion trader said. [13-02-2016] (Reuters)
-
Cisco: Betting big on India as an investment spot, Cisco executive chairman John Chambers today suggested businesses not to 'miss the bus' as the country is in sync with the speed of innovation in the current digital age.<br> "Eighteen months ago, I said if you want to bet on one country, it is India as the country is in sync with the speed of innovation in the current digital age," Chambers said at the CNN Asia Business Forum 2016 organised as part of ongoing Make in India (MII) Week in Mumbai.</br> [14-02-2016]
Tata Steel: Tata Steel SEZ has announced it plans to invest about Rs 2,000-2,500 crore for development of infrastructure at Gopalpur in Odisha in the near term. "We have already spent Rs 1,000 crore to set up a 55,000 TPA high carbon ferro chrome plant and development of infrastructure. Going forward we will invest Rs 2,000 -2,500 crore for the development of further infrastructure in the SEZ," Tata Steel Managing director T V Narendran told reporters on the sidelines of Make in India conference in Mumbai. [14-02-2016] (Reuters)
