Experts suggest methods to achieve $5-trillion economy target to PM Modi

Modi had an interaction with economists and industry experts on India’s current economic situation yesterday. ‘Expert committee for Macroeconomics & Employment presented their suggestions to PM @narendramodi for achieving the $5 Trillion economy target. Improvement of governance in PSU banks, enhancing growth rate of exports & employment generation were some of the key areas identified,’ the Aayog said in a tweet. Continue Reading

Auto stocks fall after NITI Aayog’s directive on electric vehicle

Shares of two and three wheeler auto-makers like TVS Motors and Bajaj Auto came under heavy selling pressure during the morning deals on Monday after the government think-tank NITI Aayog gave the industry a deadline of two weeks to come up with a plan to switch to electric vehicles (EVs). Continue Reading

Flipkart co-founder Binny Bansal sells shares for Rs 531 crores

Binny Bansal, co-founder of India’s leading e-tailer Flipkart, sold around 54 lakh of his equity shares valued at $76 million (Rs 531 crore) to world’s retail giant Walmart`s Luxembourg entity FIT Holdings SARL said on Monday. Continue Reading

Thomas Cook (India) Ltd launches Travolution

One of nation’s leading integrated travel and related financial services company, Thomas Cook (India) Ltd, launched ‘Travolution’, on International Yoga Day. A press release said, the Travolution wellness packages invite Indians to travel to find inner peace with yoga being an integral component. The company plans to revolutionize holidays into transformational travel via its unique yoga and wellness experiences. Continue Reading

Glenmark inks pact with Novartis for respiratory products

Drug major Glenmark Pharmaceuticals Monday said its subsidiary Glenmark Farmacutica has entered into an exclusive partnership agreement with Novartis Biosciences SA for three respiratory products in Brazil. Continue Reading

CGTMSE records 58% growth in guarantees in FY19

Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), a trust set up by Government of India and Small Industries Development Bank of India (SIDBI), crossed a significant milestone in FY19 by approving 4.35 lakh guarantees for an aggregate loan amount of Rs 30,168 crore recording a growth of 58 per cent compared with the previous fiscal. Continue Reading

Piramal Enterprises sells off Rs 2,305 cr stake

Piramal Enterprises Monday said has divested its entire stake in asset financing firm Shriram Transport Finance company for approximately Rs 2,305 crore. As on 31 March, Piramal Enterprises held 2.26 crore shares amounting to 9.96 per cent stake in Shriram Transport Finance Company. Continue Reading

Uber tests 24X7 helpline

Ride hailing major Uber is piloting a 24×7 on-trip helpline to boost the safety of its passengers, company sources said. The security measure seeks to address the need for direct human intervention instead of a callback after a lag, they said. Continue Reading

Yashovardhan Birla declared wilful defaulter

State-owned lender, UCO Bank has declared Yashovardhan Birla as a wilful defaulter for non-payment of Rs 67.55 crore given to Birla Surya Ltd. The loan was given by UCO Bank as part of a consortium including State Bank of India, Punjab National Bank and United Bank of India. Continue Reading

PMAI asks government to increase export duty on iron ore

Industry body Pellet Manufacturers Association of India (PMAI) has asked the government to increase export duty on iron ore with more than 58 per cent iron content by 20 per cent. In a letter to the Prime Minister’s Office (PMO), PMAI has asked ‘for an an increase in export duty on iron ore of +58 plus Fe content from current 30 per cent to 50 per cent.’ Continue Reading