Business – Odisha Television Ltd. https://odishatv.in OdishaTV - OTV Sat, 26 Sep 2020 06:39:36 +0000 en-US hourly 1 https://odishatv.in/wp-content/uploads/2017/05/otv_small_logo.png Business – Odisha Television Ltd. https://odishatv.in 32 32 GST E-Invoicing Mandatory From October https://odishatv.in/business_economy/gst-e-invoicing-mandatory-from-october-478488 Sat, 26 Sep 2020 06:30:15 +0000 https://odishatv.in/?p=478488

New Delhi: No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1. Industry representatives, however, have urged the government to not make it […]

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New Delhi: No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1.

Industry representatives, however, have urged the government to not make it mandatory and rather allow voluntary compliance.

The relief, however, would be there for relatively smaller businesses, as the threshold for mandatory e-invoicing, a step to improve tax compliance, was earlier planned to be kept at Rs 100 crore, is set to be raised to Rs 500 crore on the recommendations of an empowered panel of the Goods and Services Tax (GST) Council.

The initial date for its roll out was April 1, 2020, but the Centre notified October 1, 2020, as revised date for implementation of e-invoicing.

As per the website of the Good and Service Network ‘e-invoicing’ has many advantages for businesses such as standardisation, interoperability, auto-population of invoice details into GST return and other forms (like e-way bill), reduction in processing costs, reduction in disputes, improvement in payment cycles and thereby improving overall business efficiency.

(IANS)

Read More:

Odisha Cabinet Approves Proposal To Amend State GST Act To Make Collection Process Simpler

Central Revenues Under More Strain Than GST Revenue: Centre To States

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Vodafone Wins Arbitration Against India In Rs 20K Cr Retrospective Tax Dispute Case https://odishatv.in/business_economy/vodafone-wins-arbitration-against-india-over-rs-20k-cr-retrospective-tax-dispute-478355 Fri, 25 Sep 2020 11:31:52 +0000 https://odishatv.in/?p=478355

New Delhi: Vodafone has won the case against India over a retrospective tax demand of more than Rs 20,000 crore. The Permanent Court of Arbitration at The Hague has ruled that the conduct of India’s tax department is in breach of “fair and equitable” treatment. Voafone had moved the International Court of Justice (ICJ) in […]

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New Delhi: Vodafone has won the case against India over a retrospective tax demand of more than Rs 20,000 crore.

The Permanent Court of Arbitration at The Hague has ruled that the conduct of India’s tax department is in breach of “fair and equitable” treatment.

Voafone had moved the International Court of Justice (ICJ) in 2016 due to a lack of consensus between the parties’ arbitrators in finalising a judge for the tax dispute.

Following this, a tribunal was constituted in June 2016 after Vodafone challenged India’s use of a 2012 legislation that gave it powers to retrospectively tax deals like Vodafone’s $11 billion acquisition of a 67 per cent stake in Hutchison Whampoa in 2007. The retrospective tax law had been enacted after the Supreme Court judgement went in Vodafone’s favour.

Vodafone had challenged the tax department’s demand of Rs 7,990 crore as capital gains taxes (Rs 22,100 crore after including interest and penalty) under the Netherlands-India Bilateral Investment Treaty (BIT).

Buoyed by the arbitration award, Vodafone Idea stock closed 12 per cent higher at Rs 10.20.

In 2007, the Indian Income Tax department had slapped a demand notice on Vodafone seeking capital gains tax.

(IANS)

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PM Modi’s ‘Aatmanirbhar Bharat’ Important Initiative, Says IMF https://odishatv.in/business_economy/pm-modis-aatmanirbhar-bharat-important-initiative-says-imf-478221 Fri, 25 Sep 2020 04:42:34 +0000 https://odishatv.in/?p=478221

Washington:  Prime Minister Narendra Modi’s call for an “Aatmanirbhar Bharat” (self-reliant India) is an important initiative, the International Monetary Fund (IMF) said on Thursday. “The economic package under this self-reliant India initiative, which was announced in the aftermath of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks, so we do […]

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Washington:  Prime Minister Narendra Modi’s call for an “Aatmanirbhar Bharat” (self-reliant India) is an important initiative, the International Monetary Fund (IMF) said on Thursday.

“The economic package under this self-reliant India initiative, which was announced in the aftermath of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks, so we do see that initiative as having been important,” Gerry Rice, Director, Communications Department, IMF, told reporters at his fortnightly news conference here.

Looking ahead, as the prime minister has said, for India to play a more important part in the global economy, pursuing policies that stimulate by improving the efficiency and competitiveness of the economy is critical, he said, responding to a question on Modi’s call for an “Aatmanirbhar Bharat“.

“To achieve the stated ‘Make For The World’ goal in India, the priority is to remain focussed on policies that can help further integrate India in the global value chain, including through trade, investment and technology,” Rice said.

Responding to another question, he said the IMF’s joint study with the NITI Aayog and the Ministry of Finance shows that to achieve a high performance in health-related sustainable development goals, India would need to gradually increase its total spending in the healthcare sector from the current 3.7 per cent of the GDP.

“More generally, beyond the health sector, comprehensive structural reforms are needed to achieve more inclusive and sustainable medium-term growth.

“We have talked about those reforms before — infrastructure, land reforms, product market and labour market reforms, increasing female labour force participation, access to finance and better jobs,” Rice said.

(PTI)

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IMF Backs India’s ‘Very Wise’ Lockdown Decision Despite Economic Cost

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No Sale, No Manufacturing: Harley-Davidson To Exit India https://odishatv.in/business_economy/no-sale-no-manufacturing-harley-davidson-to-exit-india-478148 Thu, 24 Sep 2020 13:25:39 +0000 https://odishatv.in/?p=478148

US motorcycle maker Harley-Davidson has decided to shut down its operations in India due to sluggish business in the country. According to Reuters, the company on Thursday informed that it may report $75 million in additional restructuring costs for 2020 related to actions including discontinuing its sales and manufacturing operations in India. The announcement from […]

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US motorcycle maker Harley-Davidson has decided to shut down its operations in India due to sluggish business in the country.

According to Reuters, the company on Thursday informed that it may report $75 million in additional restructuring costs for 2020 related to actions including discontinuing its sales and manufacturing operations in India.

The announcement from Harley came two months after it unveiled a strategy to shift focus back to more profitable motorcycles and core markets such as the United States.

Harley said that it now expects total restructuring costs of about $169 million in 2020, and this will also include a workforce reduction of about 70 employees in India, a market where its annual sales volumes account for less than 5% of the company’s total, the media house reported.

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E-Commerce Giant Flipkart Partners With Max Fashion Ahead Of Festive Season https://odishatv.in/business_economy/e-commerce-giant-flipkart-partners-with-max-fashion-ahead-of-festive-season-477894 Wed, 23 Sep 2020 10:15:51 +0000 https://odishatv.in/?p=477894

Bengaluru: E-commerce platform Flipkart on Wednesday said it has partnered with retailer Max Fashion ahead of the upcoming festive season and the annual Big Billion Days. The Max Fashion store on Flipkart will have more than 13,000 new styles, and majority of them under Rs 1,000 price point, the company said. As a result of […]

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Bengaluru: E-commerce platform Flipkart on Wednesday said it has partnered with retailer Max Fashion ahead of the upcoming festive season and the annual Big Billion Days.

The Max Fashion store on Flipkart will have more than 13,000 new styles, and majority of them under Rs 1,000 price point, the company said.

As a result of the partnership, a wide selection of product ranging across womenswear, menswear, kidswear, and accessories will now be available to over 250 million customers on Flipkart.

“We are happy to announce the launch of Max Fashion on Flipkart, which is one of our biggest partnerships this year,” Nishit Garg, Vice President – Flipkart Fashion, said in a statement.

“We believe that the latest trends should be made accessible to all consumers across the country and our partnership with Max Fashion is in line with this vision.”

Through this partnership, Max Fashion will be able to get wider market access and make their products across categories including accessories, footwear, womenswear, menswear, and kids wear, available in newer geographies and pin codes.

“To reach as many customers as possible, we have been rapidly growing, both our retail stores footprint as well as our online presence,” said Shital Mehta, CEO, Max Fashion India & Managing Director, Lifestyle International Pvt. Ltd.

“This partnership with Flipkart is the next step in this direction — this enables us to expand our presence and reach the next 200 million customers who live in tier-2 and tier-3 cities and provide them access to our amazing fashion at unbelievable prices.”

With a strong presence across fashion verticals, Max has over with 375 stores in 130 cities across the country.

Max already sells more than 100 million garments through its wide omni channel presence.

(IANS)

Also Read:

E-Commerce Giant Flipkart To Create 70,000 Direct Jobs This Festive Season

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HCL Technologies To Acquire Australian IT Solutions Firm DWS https://odishatv.in/business_economy/hcl-technologies-to-acquire-australian-it-solutions-firm-dws-477390 Mon, 21 Sep 2020 04:10:47 +0000 https://odishatv.in/?p=477390

Noida: HCL Technologies on Monday announced to acquire DWS Limited, a leading Australian IT, business and management consulting group, for an undisclosed sum. The acquisition of DWS will enhance HCL’s contribution to digital initiatives in Australia and New Zealand while strengthening its client portfolio across key industries, the company said in a statement. DWS, with […]

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Noida: HCL Technologies on Monday announced to acquire DWS Limited, a leading Australian IT, business and management consulting group, for an undisclosed sum.

The acquisition of DWS will enhance HCL’s contribution to digital initiatives in Australia and New Zealand while strengthening its client portfolio across key industries, the company said in a statement.

DWS, with over 700 employees and offices in Melbourne, Sydney, Adelaide, Brisbane, and Canberra, delivers business and technology innovation to large clients across a spectrum of verticals.

“HCL has invested in the region for over 20 years and is committed to enabling digitilisation and growing the local ecosystem. We look forward to welcoming the DWS team to HCL and creating enhanced global learning and career opportunities for them,” said Michael Horton, Executive Vice President & Country Manager, Australia & New Zealand, HCL Technologies.

The DWS Group, with FY20 revenue at $167.9 million (Australian), provides a wide range of IT services including digital transformation, application development and support, programme and project management and consulting.

“We are delighted the DWS team is joining HCL. As a leading name in the global technology industry and with over 150,000 employees across 49 countries, they bring best in class technology capabilities, global scale and a wide network of clients and partners across industries,” said Danny Wallis, CEO and Managing Director, DWS.

HCL currently employs 1,600 people in major Australian cities, including Canberra, Sydney, Melbourne, Brisbane, and Perth.

As of June 30, HCL had consolidated revenue of $9.93 billion with a 150,287-strong workforce globally.

(IANS)

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Apple To Launch First Online Store In India On Sep 23 https://odishatv.in/business_economy/apple-to-launch-first-online-store-in-india-on-sep-23-476911 Fri, 18 Sep 2020 04:36:23 +0000 https://odishatv.in/?p=476911

New Delhi: Ending months of speculation, Apple is launching its first exclusive branded online store in India on September 23 just ahead of the festive season, offering a full range of products, support and premium experience to consumers and the large aspirational fan base across the country. For logistics support, Apple has partnered with Blue […]

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New Delhi: Ending months of speculation, Apple is launching its first exclusive branded online store in India on September 23 just ahead of the festive season, offering a full range of products, support and premium experience to consumers and the large aspirational fan base across the country.

For logistics support, Apple has partnered with Blue Dart to be its on-ground fulfillment partner. Given the current pandemic situation, customers can expect safe, contactless deliveries in 24-72 hours from the date of purchase of all premium and new products, including the ones (Apple Watch Series 6 and new iPad Air) launched earlier this week.

“We are super excited to bring Apple Store Online to India. We love the passion Indians have for our products and supporting them has been our passion too. The Online Store will ensure seamless, safe and contactless delivery of our products in these Filetimes as safety of staff and customers is our topmost priority.” Deirdre O’Brien, Apple’s Senior Vice President of Retail + People, told IANS.

The Apple India store, the 38th online store worldwide, would have specialists to lend expert advice and support to the Indian customers.

From learning more about product features to setting up new devices, customers can receive guidance directly from Apple, including online support in English and phone support in Hindi and English.

Those who buy Apple products will be eligible for a 30-minute, one-on-one online session with a trained executive to explore more about the device, set it up and or solve any other query.

The online store also provides the ability to custom-configure any Mac with just a few clicks.

With financing options and available trade-in programme, the Apple Store Online offers a range of affordability options.

Students can shop for a Mac or iPad with special pricing, and receive discounts on accessories and Apple Care+ that extends warranty with up to two years of technical support and accidental damage cover.

Apple currently has third-party reseller outlets and online channels to sell its devices in the country and its own branded online store will certainly help the company in giving a controlled experience of its devices and services.

Welcoming the Narendra Modi cabinet’s decision to ease the 30 per cent local sourcing norm in single-brand retail (SBRT) in August last year, Apple said it looks forward to welcoming customers at its first retail store in India soon.

“We love our customers in India and we’re eager to serve them online and in-store with the same experience and care that Apple customers around the world enjoy,” Apple said.

Apple, which has already started manufacturing certain iPhone models in India, has reportedly selected locations for its exclusive retail stores in the country as well.

Apple currently has over 500 physical retail stores worldwide, with the world’s first floating retail store at Marina Bay Sands in Singapore.

On its online India store, customers can expect free online ‘Today at Apple’ sessions led by local creative professionals, focused on photography and music in October.

Just in time for the festive season, signature gift wrap and personalised engraving will be available for select products.

Engraving of emojis or text in English, Bengali, Gujarati, Hindi, Kannada, Marathi, Tamil, and Telugu will be available for AirPods, and English engraving will be available for iPad and Apple Pencil.

For the health and well-being of Apple’s teams, customers, and communities, all orders from the Apple Store Online will ship with contactless delivery.

Orders that do not require a signature will be left at the customer’s door, and those that do will need only a verbal confirmation from a safe distance instead of a written signature.

Apple has been operating in India for more than 20 years, and the company’s ongoing investment and innovation support almost 900,000 jobs across the country.

Also Read:

Apple Unveils Watch Series 6, Cheaper Watch SE, iPad Air

Apple Becomes World’s Most Valuable Company With Market Cap Of $1.84 Trillion

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COVID-19 Impact: Will Take Necessary Measures To Promote Growth, Says RBI Governor https://odishatv.in/business_economy/covid-19-impact-will-take-necessary-measures-to-promote-growth-says-rbi-governor-476650 Wed, 16 Sep 2020 09:02:04 +0000 https://odishatv.in/?p=476650

New Delhi: RBI Governor Shaktikanta Das on Wednesday assured the industry that the central bank will take all necessary measures to ensure liquidity in the system and promote economic growth. Indian economy contracted 23.9 per cent in the first quarter of the current financial year. Addressing a virtual conference organised by industry body Ficci, Das […]

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New Delhi: RBI Governor Shaktikanta Das on Wednesday assured the industry that the central bank will take all necessary measures to ensure liquidity in the system and promote economic growth.

Indian economy contracted 23.9 per cent in the first quarter of the current financial year.

Addressing a virtual conference organised by industry body Ficci, Das said that Gross Domestic Product (GDP) data released by the government was a “reflection of the ravages of the COVID-19“.

Observing that the economic recovery was not yet fully entrenched, the RBI Governor said recovery is likely to be gradual.

“The recovery is, however, not yet fully entrenched and more over in some sectors the optics which was noticed in June and July, they appear to have levelled off… by all indications, the recovery is likely to be gradual as efforts towards reopening of the economy are confronted with increasing infections,” he said.

As per government data, GDP during the April-June quarter contracted 23.9 per cent on account of the strict lockdown imposed by the government towards end of March to check the spread of coronavirus infections.

In his address, Das spoke about the initiatives taken by the central bank to ease the liquidity situation and make available funds to the businesses impacted by the pandemic and subsequent lockdowns.

The Governor also assured the industry that “RBI is battle ready… whatever measures are required will be taken by the RBI” to help the industry and businesses to come out of the COVID-19-induced crisis.

Further, he asked businesses to capitalise on the new opportunities created by the pandemic at the global level.

(PTI)

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RBI Releases Revised Priority Sector Lending Guidelines, Raises Credit Limits

RBI Announces Additional Measures To Ensure Orderly Market Conditions

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E-Commerce Giant Flipkart To Create 70,000 Direct Jobs This Festive Season https://odishatv.in/business_economy/e-commerce-giant-flipkart-to-create-70000-direct-jobs-this-festive-season-476526 Tue, 15 Sep 2020 07:39:03 +0000 https://odishatv.in/?p=476526

Bengaluru: Flipkart on Tuesday said it will help generate over 70,000 direct and lakhs of indirect seasonal jobs this festive season. The direct jobs will be across supply chain — delivery executives, pickers, packers and sorters — while there will be additional indirect jobs at Flipkart’s seller partner locations and kiranas, the company said in […]

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Bengaluru: Flipkart on Tuesday said it will help generate over 70,000 direct and lakhs of indirect seasonal jobs this festive season.

The direct jobs will be across supply chain — delivery executives, pickers, packers and sorters — while there will be additional indirect jobs at Flipkart’s seller partner locations and kiranas, the company said in a statement.

“We are focused on creating impactful partnerships that offer great consumer experience while creating additional opportunities for progress of the entire ecosystem as it scales for the Big Billion Days (BBD),” said Amitesh Jha, Senior Vice-President, Ekart and Marketplace, Flipkart.

Filpkart said that onboarding of more than 50,000 kiranas for the last-mile delivery will also create thousands of seasonal jobs to deliver millions of packages.

“By generating employment and enabling our sellers to scale their businesses during this time, we’re doing our part to drive growth in the industry and the economy,” Jha said.

Flipkart is undertaking training programmes for its direct hires in various aspects of the supply chain through a mix of classroom and digital training, enhancing their understanding of supply chain management.

The company said it is now enabling customers to get their GSTIN on their invoices, thereby allowing them to claim input tax credit on their purchases.

“The capability to allow GSTIN on their invoices will help millions of business entities – to claim input tax credit on their business related purchases, saving up to 28 per cent on their purchases,” the ecommerce leader said.

(IANS)

Also Read:

E-Commerce Giant Flipkart Acquires Walmart India’s Wholesale Business

 

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Oracle Wins Deal For TikTok US Business, Microsoft’s Bid Rejected  https://odishatv.in/business_economy/oracle-wins-deal-for-tiktok-us-business-microsofts-bid-rejected-476374 Mon, 14 Sep 2020 08:52:19 +0000 https://odishatv.in/?p=476374

San Francisco: Bytedance, the Chinese owner of TikTok, has chosen Cloud major Oracle over Microsoft to run its US operations as a ‘trusted tech partner’, multiple media reports revealed on Monday while an official announcement was still awaited. According to The New York Times, it was unclear whether TikTok’s choice of Oracle as a technology partner […]

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San Francisco: Bytedance, the Chinese owner of TikTok, has chosen Cloud major Oracle over Microsoft to run its US operations as a ‘trusted tech partner’, multiple media reports revealed on Monday while an official announcement was still awaited.

According to The New York Times, it was unclear whether TikTok’s choice of Oracle as a technology partner would mean that “Oracle would also take a majority ownership stake of the social media app”.

This is different from an outright sale and appears to suggest Oracle will help run TikTok’s US operations with its Cloud technologies.

In an official statement, Microsoft said its bid for TikTok operations in the US was rejected.

“ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft. We are confident our proposal would have been good for TikTok’s users, while protecting national security interests,” Microsoft said.

“To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combating disinformation, and we made these principles clear in our August statement,” the tech giant added.

After TikTok was banned in India in June, along with 58 other Chinese apps, the Donald Trump administration in the US increased pressure on the ByteDance-owned platform to sell its US operations by mid-September or face a ban.

According to NYT, Oracle has cultivated close ties with the Trump administration.

“Its founder, Larry Ellison, hosted a fund-raiser for Trump this year, and its chief executive, Safra Catz, served on the president’s transition team and has frequently visited the White House”.

Trump said last month that he would support Oracle buying TikTok.

“I think that Oracle would be certainly somebody that could handle it,” he told reporters. Trump maintained there will be “no extension of the TikTok deadline”.

Riding on new customer wins in both Cloud applications and infrastructure businesses, Oracle posted better than expected results for its FY21 first quarter results last week, generating $9.4 billion in revenue which was up 2 per cent compared to the same period last year.

Meanwhile, China said the Trump administration’s deadline for TikTok sale is tantamount to “coercive robbery”.

“The tricks of economic bullying and political manipulation that the US played on non-American companies are tantamount to coercive robbery,” said a Chinese Foreign Ministry spokesperson over the weekend.

(IANS)

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After TikTok Ban, ByteDance Reaches Out To Reliance Jio For A Deal

TikTok Plans $2 Billion Fund For Creators As Competition Grows

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Nearly 1.75 Cr Small Businesses On Verge Of Closure: CAIT https://odishatv.in/business_economy/nearly-1-75-cr-small-businesses-on-verge-of-closure-cait-476242 Sun, 13 Sep 2020 08:56:03 +0000 https://odishatv.in/?p=476242

New Delhi: The Confederation of All India Traders (CAIT) has said that about 25 per cent small shops and businesses, totalling 1.75 crore, across the country are in a bad situation and on the verge of closure amid the pandemic. In a statement, the traders’ body said: “The domestic trade of India is suffering amid […]

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New Delhi: The Confederation of All India Traders (CAIT) has said that about 25 per cent small shops and businesses, totalling 1.75 crore, across the country are in a bad situation and on the verge of closure amid the pandemic.

In a statement, the traders’ body said: “The domestic trade of India is suffering amid the worst days of the century due to Covid-19, which has brought the traders on their knees with no sign of respite in the near future.”

Noting that the Indian domestic trade consists of more than 7 crore traders providing employment to more than 40 crore people, CAIT said that the banking sector has so far failed to provide formal finance to this sector since only 7 per cent of the small businesses are able to obtain finance from banks and other financial institutions.

The rest of the 93 per cent traders are dependent upon informal sources to meet their financial requirements, it said.

CAIT said that traders are under financial obligation for payment of central and state government taxes, repayment of monthly instalments of loans taken from formal and informal sources, EMIs, water and electricity bills, property tax, payment of interest, payment of wages to the labour and various other payments.

It urged Prime Minister Narendra Modi to take immediate cognisance of the issue of the traders and announce a package policy for traders and help them in revival of their business.

(IANS)

Also Read:

Six Months Into COVID-19, 75.8% Endorse PM Modi’s Handling Of The Pandemic

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Netflix Appoints Indian American Bela Bajaria As Global TV Head https://odishatv.in/business_economy/netflix-appoints-indian-american-bela-bajaria-as-global-tv-head-475709 Thu, 10 Sep 2020 04:11:13 +0000 https://odishatv.in/?p=475709

New York: Netflix has promoted Indian American media leader Bela Bajaria to head its international TV operations as vice president for Global Television. Announcing her new position, Netflix co-CEO Ted Sarandos said on Tuesday: “Since joining Netflix in 2016, Bela has demonstrated her versatility and creativity – building out our unscripted team and helping to […]

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New York: Netflix has promoted Indian American media leader Bela Bajaria to head its international TV operations as vice president for Global Television.

Announcing her new position, Netflix co-CEO Ted Sarandos said on Tuesday: “Since joining Netflix in 2016, Bela has demonstrated her versatility and creativity – building out our unscripted team and helping to take our local language slate, which is increasingly important for our members, to the next level,”

Earlier as the vice president in charge of Local Language Originals, Bajaria was behind the popular Netflix reality show “Indian Matchmaking,” the drama series “Sacred Games” and the comedy serial “Never Have I Ever” about an Indian American teenager.

In her new position she will be taking over all the Netflix TV programming, including in English, which had been overseen by another vice president, Cindy Holland, who has been let go.

Bajaria is a former Miss India Universe, according to The Los Angeles Times.

Before her promotion Bajaria oversaw Netflix’s original content for India and elsewhere in Asia and across Europe, the Middle East, Turkey, Africa, and Latin America, according to Netflix.

Hollywood Reporter said that Bajaria’s promotion came as she was being courted by NBC Universal to oversee all its entertainment programming.

She had earlier been the president of Universal Television, a unit of NBC Universal, which is owned by Comcast.

Bajaria, who was born in London, is the child of Indians who had emigrated to the US from Zamba via Britain.

She told the Los Angeles Times that she first entered the Miss LA India USA pageant because “I thought it would be fun to discover the India culture on my own terms, through my own identity.”

She went on to win Miss India USA, and, before being crowned Miss India Universe in 1991.

(IANS)

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Silver Lake To Invest Rs 7,500 Cr In Reliance Retail https://odishatv.in/business_economy/silver-lake-to-invest-rs-7500-cr-in-reliance-retail-475520 Wed, 09 Sep 2020 06:06:17 +0000 https://odishatv.in/?p=475520

Mumbai: Reliance Industries Limited (RIL) on Wednesday announced that Silver Lake will invest Rs 7,500 crore into its subsidiary Reliance Retail Ventures Limited (RRVL). The investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75 per cent equity stake in RRVL on a fully […]

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Mumbai: Reliance Industries Limited (RIL) on Wednesday announced that Silver Lake will invest Rs 7,500 crore into its subsidiary Reliance Retail Ventures Limited (RRVL).

The investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75 per cent equity stake in RRVL on a fully diluted basis, RIL said in a regulatory filing.

This marks the second billion dollar investment by Silver Lake in a Reliance Industries subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year. Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.

“Reliance Retail, through its New Commerce strategy, has started a transformational digitalisation of small and unorganised merchants and is committed to expanding the network to over 20 million of these merchants, helping them benefit from the use of technology tools and efficient supply chain infrastructure to deliver a superior value proposition to their own customers,” it said.

With more than $60 billion in combined assets under management and committed capital and a focus on the world’s great tech and tech-enabled opportunities, Silver Lake is the global leader in large-scale technology investing, it added.

Commenting on the development, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said: “I am delighted to extend our relationship with Silver Lake to our transformational efforts of building an inclusive partnership with millions of small merchants while providing value to Indian consumers across the country in the Indian retail sector.

“We believe technology will be key to bringing the much-needed transformation in this sector so that the various constituents of the retail ecosystem can collaborate to build inclusive growth platforms. Silver Lake will be an invaluable partner in implementing our vision for Indian Retail,” he added.

Egon Durban, Co-CEO and Managing Partner of Silver Lake, said, “The success of JioMart in such a short time span, especially while India, along with the rest of the world, battles the Covid-19 pandemic, is truly unprecedented, and the most exciting growth phase has just begun. Reliance’s New Commerce strategy could become the disruptor of this decade. We are thrilled to have been invited to partner with Reliance in their mission for Indian Retail.”

The transaction is subject to regulatory and other customary approvals.

(IANS)

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Vodafone Idea Rebranded As ‘Vi’ https://odishatv.in/business_economy/vodafone-idea-rebranded-as-vi-475104 Mon, 07 Sep 2020 09:00:47 +0000 https://odishatv.in/?p=475104

New Delhi: Telecom operator Vodafone Idea will offer its services under a new brand name Vi, as merger and integration of Vodafone and Idea has been successfully completed. In a statement, the company said that the coming together of the two brands has culminated into the largest telecom integration in the world. Launching the new […]

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New Delhi: Telecom operator Vodafone Idea will offer its services under a new brand name Vi, as merger and integration of Vodafone and Idea has been successfully completed.

In a statement, the company said that the coming together of the two brands has culminated into the largest telecom integration in the world.

Launching the new brand ‘Vi’, Ravinder Takkar, MD & CEO, Vodafone Idea Limited, said: “Vodafone Idea came together as a merged entity two years ago. We have, since then, focussed on integrating two large networks, our people and processes. And today, I am delighted to present ‘Vi’, a brand that will bring important meaning to the lives of our customers. Indians are optimistic and want to get ahead in life.”

VIL is now leaner and agile, and the deployment of many principles of 5G architecture has helped the company transform into a future-fit, digital network for the changing customer needs, Takkar added.

Kumar Mangalam Birla, Chairman of Aditya Birla Group and Vodafone Idea Ltd, said that with the new brand ‘Vi’, the company stands committed to partner the government to accelerate India’s progression towards a digital economy, enabling millions of citizens to connect to the digital revolution and build a better tomorrow.

“As the integration of the two businesses is now complete, it’s time for a fresh start. That’s why we believe that now is the perfect time to launch ‘Vi’, one company which combines the strengths of Vodafone India and Idea. Vi’s focus will be to deliver to the citizens and businesses in India a superior network experience, better customer service and leading products and services,” said Nick Read, CEO of Vodafone Group Plc.

Shares of Vodafone Idea surged after the announcement. At 12.34 pm, its share price was Rs 12.54, higher by 4.41 per cent from the previous close.

The rebranding comes at a crucial time when the company is fighting for its survival, amid financial stress and huge AGR dues.

On Friday, the Board of Directors of Vodafone Idea had approved a proposal to raise up to Rs 25,000 crore through Global Depository Receipts(GDR), American Depository Receipts (ADR), non-convertible debentures, and other routes.

The development comes after the Supreme Court’s September 1 verdict on the Adjusted Gross Revenue (AGR) issue, wherein the top court gave a 10-year timeline to the telecom companies to repay their dues, with an upfront payment of 10 per cent by March 31, 2021.

Market analysts have time and again said that Vodafone Idea would require raising of funds and may also need government support for its survival as it is already under financial stress. The AGR dues have further burdened the company.

According to an assessment by the Department of Telecommunications, Vodafone Idea owed a total of Rs 58,254 crore. As per the government, the operator now owes balance AGR dues of around Rs 50,399 crore.

(IANS)

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Vi, Vodafone Idea 2020-09-07 14:30:47 https://img.odishatv.in/wp-content/uploads/2020/09/VI.jpg
COVID19 Pandemic: PVR Defers Major Capital Expenditure Plans https://odishatv.in/business_economy/covid19-pandemic-pvr-defers-major-capital-expenditure-plans-474965 Sun, 06 Sep 2020 18:00:13 +0000 https://odishatv.in/?p=474965

New Delhi: As the coronavirus pandemic and the eventual lockdowns have brought the multiplex industry to a grinding halt, PVR has deferred a significant portion of its capitatl expenditure (capex) plans and it will reassess them once the shutdown is over and its operations resume. Nitin Sood, Chief Financial Officer (CFO) of PVR has said […]

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New Delhi: As the coronavirus pandemic and the eventual lockdowns have brought the multiplex industry to a grinding halt, PVR has deferred a significant portion of its capitatl expenditure (capex) plans and it will reassess them once the shutdown is over and its operations resume.

Nitin Sood, Chief Financial Officer (CFO) of PVR has said that owing to the company’s cost control measures, its fixed costs for the future will be lower than it had before. Even after reopening, the company does not expect these to return to their previous levels soon.

His message to the shareholders in PVR’s Annual Report said that the company is already in discussions with its developers for renegotiating the rental arrangements. Sood added that PVR’s other costs too will undergo reductions until some normalcy is restored.

“We have also temporarily deferred a substantial portion of our planned capital expenditures that we were undertaking, prior to the shutdown. All major capital expenditures will now be re-assessed once the shutdown is over,” the CFO said.

Throughout this crisis, according to him, the company has focused on business continuity and has undertaken measures to mitigate the risk.

“Our strategy has been two pronged. First, we have brought down our fixed costs drastically during this period of lockdown, and second, we have raised debt to preserve liquidity on the balance sheet,” he said.

Among the fixed costs, PVR has invoked the force majeure clause for rental payment and Common Area Maintenance (CAM) charges, under its contractual arrangements and has suspended rental payments, while it continues to be in discussions with mall developers.

“In order to manage our liquidity during the period the cinemas are shut, the management has voluntarily taken a cut of 50 per cent in their compensation, while the rest of our employees have forsaken 20-50 per cent of their salaries. Owing to these actions, we have been successful in bringing a significant reduction in our monthly fixed costs,” Sood said.

He was of the view in the post-covid era but the company will be in a stronger position.

(IANS)

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capital expenditure, COVID19, PVR 2020-09-06 23:30:13 https://img.odishatv.in/wp-content/uploads/2020/09/0FDB09B3-9B4C-4E0C-9548-F7B83571D96F.jpeg
Airtel Introduces New Broadband Plans For Airtel Xstream Bundle, Check Details Here https://odishatv.in/business_economy/airtel-introduces-new-broadband-plans-for-airtel-xstream-bundle-check-details-here-474905 Sun, 06 Sep 2020 11:25:23 +0000 https://odishatv.in/?p=474905

New Delhi: Bharti Airtel on Sunday launched a new Airtel Xstream Bundle plans starting at Rs 499. The Xstream Bundle plans come with Airtel Xstream Fiber with speeds up to 1 Gbps, unlimited data, ‘Airtel Xstream Android 4K TV Box’ and access to all OTT content. The Airtel Xstream bundle offers complimentary access to premier […]

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New Delhi: Bharti Airtel on Sunday launched a new Airtel Xstream Bundle plans starting at Rs 499. The Xstream Bundle plans come with Airtel Xstream Fiber with speeds up to 1 Gbps, unlimited data, ‘Airtel Xstream Android 4K TV Box’ and access to all OTT content.

The Airtel Xstream bundle offers complimentary access to premier video streaming apps such as Disney+ Hotstar, Amazon Prime Video and ZEE5, all accessible through the Airtel Xstream Box.

The Airtel Xstream bundle will be available to customers from September 7.

“Airtel Xstream is India’s premier entertainment platform that brings the best of entertainment along with unlimited high-speed broadband connectivity into a single solution,” Sunil Taldar, Director — Homes, Bharti Airtel, said in a statement.

“To drive the penetration of this exciting innovation we are today making our plans even more accessible for customers,” Taldar added.

According to the company, all Airtel Xstream Fiber plans now come with unlimited data allowances and include the Airtel Xstream Box worth Rs 3,999.

Customers get access to all live TV channels plus the best of video streaming apps effectively eliminating the need for multiple entertainment devices at home.

This Android 9.0 powered smart box comes with an intelligent remote supported by Google Assistant voice search, access to thousands of apps on Playstore and also offers online gaming.

Airtel Xstream Android 4K TV Box offers 550 TV channels and OTT content from the Airtel Xstream app that includes over 10,000 movies and shows aggregated across seven OTT apps and five studios into one seamless experience.

(IANS)

 

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Airtel, Airtel Xstream Fiber, Broadband plans 2020-09-06 16:56:12 https://img.odishatv.in/wp-content/uploads/2020/09/8430A343-AB5F-45C3-A093-C37FEE1DB495.jpeg
Commercial Coal Mine Extraction Bidding: Coal Ministry Withdraws Auction Of Five Mines https://odishatv.in/business_economy/commercial-coal-mine-extraction-bidding-coal-ministry-withdraws-auction-of-five-mines-474683 Sat, 05 Sep 2020 12:09:53 +0000 https://odishatv.in/?p=474683

New Delhi: Even before bids for the first set of coal mines for commercial extraction get underway, the government has further revised the list of mines to be offered under the new route. Now a lower number of 38 coal blocks would go under the hammer to the private sector instead of 41 mines identified […]

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New Delhi: Even before bids for the first set of coal mines for commercial extraction get underway, the government has further revised the list of mines to be offered under the new route.

Now a lower number of 38 coal blocks would go under the hammer to the private sector instead of 41 mines identified earlier for the first round of auctions.

The coal ministry has withdrawn five mines: Morga South Coal Mine, Fatehpur East, Madanpur (North), Morga-II, and Sayang Coal Mines from the list of mines that were proposed to be offered for commercial mining.

It has, however added two mines: Dolesara, Jarekela and Jharpalam-Tangarghat (in Chhattisgarh).

“Therefore, 38 coal mines are offered for auction for commercial mining under 11th Tranche of Auction under CM(SP) Act, 2015 and 1st Tranche of Auction under MMDR Act, 1957,” a statement from the coal ministry said.

Though no reason has been provided for changes in the list of commercial coal mines, it is largely on technical grounds.

As part of the initiative of opening up of the coal sector and allowing the private sector to commercially extract coal, the government launched the auction process for 41 coal mines on June 18, 2020.

(IANS)

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RBI Releases Revised Priority Sector Lending Guidelines, Raises Credit Limits https://odishatv.in/business_economy/rbi-releases-revised-priority-sector-lending-guidelines-raises-credit-limits-474373 Fri, 04 Sep 2020 10:29:16 +0000 https://odishatv.in/?p=474373

Mumbai: The Reserve Bank of India (RBI) on Friday released its revised priority sector lending guidelines wherein the credit limits have been raised for farmer producer organisations, renewable energy and for health infrastructure. As announced by the RBI Governor, startups have been brought under the ambit of priority sector lending. Bank finance of up to […]

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Mumbai: The Reserve Bank of India (RBI) on Friday released its revised priority sector lending guidelines wherein the credit limits have been raised for farmer producer organisations, renewable energy and for health infrastructure.

As announced by the RBI Governor, startups have been brought under the ambit of priority sector lending. Bank finance of up to Rs 50 crore has been included as a fresh category under priority sector, an RBI statement said.

The RBI statement said that a higher credit limit has been specified for Farmers Producers Organisations (FPOs) or Farmers Producers Companies (FPCs) undertaking farming with assured marketing of their produce at a pre-determined price.

Further, “loan limits for renewable energy have been increased (doubled)” and “credit limit for health infrastructure (including those under ‘Ayushman Bharat’) has been doubled”.

Apart from startups, loans to farmers for installation of solar power plants for solarisation of grid-connected agriculture pumps and loans for setting up Compressed Bio Gas (CBG) plants have been included as fresh categories eligible for finance under priority sector.

“Reserve Bank of India has comprehensively reviewed the Priority Sector Lending (PSL) Guidelines to align it with emerging national priorities and bring a sharper focus on inclusive development, after having wide-ranging discussions with all stakeholders,” it said.

As per the central bank the revised guidelines will enable better credit penetration to credit deficient areas, increase the lending to small and marginal farmers and weaker sections, boost credit to renewable energy, and health infrastructure.

The guidelines aim to address regional disparities in the flow of priority sector credit, higher weightage have been assigned to incremental priority sector credit in ‘identified districts’ where priority sector credit flow is comparatively low and the targets prescribed for “small and marginal farmers” and “weaker sections” are being increased in a phased manner, as per the RBI statement.

(IANS)

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Akash, Isha Ambani Enter Fortune’s ’40 Under 40′ Global List https://odishatv.in/business_economy/akash-isha-ambani-enter-fortunes-40-under-40-global-list-474149 Thu, 03 Sep 2020 11:16:13 +0000 https://odishatv.in/?p=474149

New Delhi: The twin children of billionaire Mukesh Ambani, Akash and Isha, have made it to the Fortune’s latest ’40 Under 40′ list of influential people around the world. The Ambani scions, who will celebrate their 29th birthday next month, feature in the technology section of the list where they have got company from India’s […]

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New Delhi: The twin children of billionaire Mukesh Ambani, Akash and Isha, have made it to the Fortune’s latest ’40 Under 40′ list of influential people around the world.

The Ambani scions, who will celebrate their 29th birthday next month, feature in the technology section of the list where they have got company from India’s leading edtech startup Byju’s founder Byju Raveendran and Xiaomi India Managing Director Manu Kumar Jain, among others.

“Akash and Isha Ambani are the twin children of Reliance’s Chairman and Managing Director Mukesh Ambani, who happens, not coincidentally, to be India’s — rewind, Asia’s — richest man,” Fortune said.

“Reliance is a family business. Akash joined the company in 2014 after receiving an economics degree from Brown University. Isha joined a year later, following stints at Yale, Stanford and McKinsey,” it added.

Fortune credited Akash and Isha for helping seal the company’s recent megadeal with Facebook and for major follow-on investments from tech giants like Google, Qualcomm, and Intel.

“Recently, Akash and Isha helped launch Jio Mart, a venture that aims to challenge Amazon and Walmart’s Flipkart for command of India’s massive and fast-growing online shopping market,” Fortune said, adding that even heirs have to earn their keep.

Byju’s CEO Raveendran, 39, made it to the list for showing that it is possible to build a massively successful online education company.

Since its founding in 2011, Byju’s, which has emerged as the biggest education technology company in the country, is now worth more than $10 billion.

The US based publication’s list this year includes 40 influential people under 40 years of age in five categories — finance, technology, healthcare, government and politics, and media and entertainment.

Another prominent Indian who has made it to the list (in the healthcare segment) is Adar Poonawalla, the CEO of Pune-based Serum Institute of India (SII), which is working towards introducing Covid-19 vaccines from AstraZeneca and Novavax in India.

“Few people on the planet are more in demand right now than Poonawalla,” Fortune said.

Founded more than a half-century ago by Poonawalla’s father, SII happens to be the world’s largest manufacturer of vaccines.

(IANS)

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Akash Ambani, Byju Raveendran, Fortune's '40 Under 40' Global List, Isha Ambani, Mukesh Ambani 2020-09-03 16:46:50 https://img.odishatv.in/wp-content/uploads/2020/09/Akash-Isha.jpg
NCLT Approves Sale Of IL&FS Education Arm To LEHL https://odishatv.in/business_economy/nclt-approves-sale-of-ilfs-education-arm-to-lehl-473871 Wed, 02 Sep 2020 13:15:37 +0000 https://odishatv.in/?p=473871

Mumbai: The National Company Law Tribunal (NCLT) has approved the sale of IL&FS’s education business, Schoolnet India Ltd, to Lexington Equity Holdings Ltd (LEHL). As per the deal, LEHL will service the entire debt of Schoolnet and will pay equity of around Rs 7.39 crore to IL&FS, the parent company. LEHL already holds a 26.13 […]

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Mumbai: The National Company Law Tribunal (NCLT) has approved the sale of IL&FS’s education business, Schoolnet India Ltd, to Lexington Equity Holdings Ltd (LEHL).

As per the deal, LEHL will service the entire debt of Schoolnet and will pay equity of around Rs 7.39 crore to IL&FS, the parent company.

LEHL already holds a 26.13 per cent stake in Schoolnet India.

“On hearing the Counsel for the applicant and upon going through the pleadings and the documents attached to the application, we are of the view that the sale of education assets has been done within the Resolution Framework and the same is approved and recorded,” the NCLT’s Mumbai bench said.

The proposed sale was earlier approved by Justice D.K. Jain, who is overseeing the IL&FS resolution process. In March, the Committee of Creditors approved the deal.

The sale is expected to be completed by the end of the October-December quarter.

(IANS)

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IL&FS Education Business, LEHL, Lexington Equity Holdings Ltd, National Company Law Tribunal, nclt 2020-09-02 18:45:37 https://img.odishatv.in/wp-content/uploads/2020/09/ILFS.jpg
Covid-19 Impact On Economic Activity: GST Collection Drops 12% In August https://odishatv.in/business_economy/covid-19-impact-on-economic-activity-gst-collection-drops-12-in-august-473662 Tue, 01 Sep 2020 16:57:16 +0000 https://odishatv.in/?p=473662

New Delhi: The Covid-19-induced shrinking of economic activity for the past few months has continued to have an impact on the government’s tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 86,449 crore in August. This is second consecutive month […]

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New Delhi: The Covid-19-induced shrinking of economic activity for the past few months has continued to have an impact on the government’s tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 86,449 crore in August.

This is second consecutive month of a fall in GST collections after the number crossed over Rs 90,000 crore in June.

The August collection, which is 88 per cent of last year’s number, is however, a recovery from the months of April and May when the Covid-induced lockdowns and severe disruptions in economic activities, resulting in GST collections nose-diving to all time low levels.

The GST collection for the month of April was Rs 32,294 crore which was a mere 28 per cent of the revenue collected during the same month last year and for May was Rs 62,009 crore, which was 62 per cent of the revenue collected during the same month last year.

Also Read: Central Revenues Under More Strain Than GST Revenue: Centre To States

Only in June, GST collections recovered to touch Rs 90,917 crore. However, they again fell to Rs 87,422 crore in July, before falling further in August.

“The revenues for the month are 88 per cent of the GST revenues in the same month last year. It may also be noted that the taxpayers with a turnover less than Rs 5 crore continue to enjoy relaxation in filing of returns till September,” the Finance Ministry said in a statement, justifying the month-on-month fall in collections.

Out of the total GST collection of Rs 86,449 crore for August, the CGST was Rs 15,906 crore, and the SGST was Rs 21,064 crore, an official statement said.

The IGST collection stood at Rs 42,264 crore (including Rs 19,179 crore collected on import of goods) and cess collected was Rs 7,215 crore (including Rs 673 crore collected on import of goods).

The government has settled Rs 18,216 crore to the CGST and Rs 14,650 crore to the SGST from the IGST as regular settlement.

The total revenue earned by Central government and the state governments after regular settlement in the month of August is Rs 34,122 crore for CGST and Rs 35,714 crore for the SGST.

During August, the revenues from import of goods were 77 per cent and the revenues from domestic transaction (including import of services) were 92 per cent of the revenues from these sources during the same month last year.

The revenues during the financial year has been impacted due to Covid-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations given by the government in filing of returns and payment of taxes due to the pandemic. However, figures of past five months show recovery in GST revenues.

Also Read: NSO Releases Estimates Of GDP For First Quarter Of 2020-21

Among the states, August collections have declined most in Himachal Pradesh, Delhi, Jharkhand, Tamil Nadu, Maharashtra, Karnataka, Kerala, and West Bengal. Only Rajasthan, Haryana, Uttarakhand, Uttar Pradesh, Nagaland, and Chhattisgarh have shown growth of GST revenue or have maintained same levels as last year in August.

(IANS)

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August GST Collection, Covid-19 Impact On Economic Activity, COVID19, GST 2020-09-01 22:27:16 https://img.odishatv.in/wp-content/uploads/2020/09/GST-Down.png
Cooking Gas Subsidy Eliminated As Covid-19 Turns Oil Market Favourable https://odishatv.in/business_economy/domestic-cooking-gas-subsidy-eliminated-by-govt-as-pandemic-turns-oil-market-favourable-473595 Tue, 01 Sep 2020 13:29:40 +0000 https://odishatv.in/?p=473595

New Delhi: The government has completely eliminated the need to provide subsidy on domestic cooking gas as the global fall in oil prices and frequent rise in LPG gas cylinder price has brought the price of the common man’s fuel closer to market rates. As of September 1, the price of non-subsidised and subsidised 14.2 […]

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New Delhi: The government has completely eliminated the need to provide subsidy on domestic cooking gas as the global fall in oil prices and frequent rise in LPG gas cylinder price has brought the price of the common man’s fuel closer to market rates.

As of September 1, the price of non-subsidised and subsidised 14.2 kg cooking gas is identical at Rs 594 a cylinder. What this means is that government would no longer need to pay subsidy under the direct benefit transfer scheme (DBT) into the account of beneficiaries.

In fact, with the price gap between the subsidised and non-subsidised cooking gas narrowing since early this fiscal, the government has not made a any cash transfers into the accounts of beneficiaries for the last four months.

With the development, the government could easily make a saving of over Rs 20,000 crore in FY21 towards LPG subsidy. This would be huge given the pressure on the government to step up expenditure for Covid-19 relief schemes.

Also Read: Non-subsidised LPG price hiked, aviation fuel ups by Rs 11,000/kl

The government has allocated Rs 40,915 crore as petroleum subsidy for FY21, a 6 per cent increase from Rs 38,569 crore allocated for the last fiscal. Out of this,the allocation for LPG subsidy has been increased to Rs 37,256.21 crore for the current year. But so far in the first quarter period, the government had to draw just about Rs 1,900 crore from the subsidy provisions.

While global oil markets are largely responsible for the fall in the prices of all petroleum products, but oil companies also raised the price of subsidised cooking gas consistently from a level of Rs 494.35 a cylinder in July last year to Rs 594 now. Had this increase not taken place, the 14.2 kg domestic LPG cylinder price would have been more than Rs 100 cheaper.

According to an analysis done by Emkay Global, oil companies’ under recovery in case of kerosene has come to a naught since March while that for LPG has become zero from May.

India has about 27.76 crore LPG consumers. Of these, around 1.5 crore are not eligible to get LPG subsidy since December 2016 because they have an annual taxable income above Rs 10 lakh.

Also Read: No Subsidy For Domestic LPG Customers Onwards May

This leaves some 26.12 crore consumers who were eligible to get the subsidy relief under the DBT scheme. Out of this lot as well, with the latest developments 18 crore are not receiving any subsidy.

The government is now focusing on providing relief only to the poor and an amount of Rs 9709.86 crore has been transfered into the accounts of about 8 crore such beneficiaries who are to take three free LPG cylinders during the Covid pandemic.

The good news is that with the developments in the past few months, the government had completely eliminated oil subsidy and is spending the savings on other welfare activities. But this could mean that if there is any spike in LPG prices hereon, the government may pass on a portion of the burden to consumers by raising LPG prices.

(IANS)

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PhonePe: 2.5 Crore Small Merchants Across India To Be Digitised https://odishatv.in/business_economy/phonepe-to-digitise-2-5-crore-small-merchants-across-india-473444 Tue, 01 Sep 2020 05:53:04 +0000 https://odishatv.in/?p=473444

New Delhi: Digital payments platform PhonePe on Monday announced that it will enable digital payments for over 2.5 crore small merchants across India in the next one year. In a statement, the company said that it will also onboard these kiranas on its ‘PhonePe for Business’ app, offering them end-to-end control of the payment process […]

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New Delhi: Digital payments platform PhonePe on Monday announced that it will enable digital payments for over 2.5 crore small merchants across India in the next one year.

In a statement, the company said that it will also onboard these kiranas on its ‘PhonePe for Business’ app, offering them end-to-end control of the payment process including instant payment confirmations, receipts and reconciliations. It plans to reach 5,500 talukas through its merchant acquisition team that will lead to over 10,000 jobs being created in semi-urban and rural areas.

“Despite the rapid penetration of digital payments, kiranas across India still rely on cash. Kirana owners have smartphones, data and the aspiration to adopt newer technology, but there are no services that match their aspirations. Kiranas are looking to acquire customers and forge deeper relationships with them. Customers, on the other hand, are looking for safety and convenience while continuing to access their local trusted neighbourhood merchant,” it said.

PhonePe with its multiple offerings is all set to bridge this gap, the statement said.

It offers its merchant partners a personalised store page on the PhonePe app allowing them to list their store timings, share their product catalogue and promote home delivery options, thereby reaching out to a much wider customer base.

Customers have the convenience of discovering local stores in their vicinity and connecting with the merchants using the call or chat feature to place their orders, and pay remotely via the store’s tab on the PhonePe app, it said, adding that PhonePe is bringing these offerings to merchants in semi-urban and rural areas to help them digitize and grow their business.

Commenting on the announcement, Vivek Lohcheb, Vice President – Offline Business Development, PhonePe said, “Kiranas and merchants across small villages and towns are striving to progress and prosper. We are really excited to partner with them in this journey and take digital payments to the last mile of India across every village and town.”

(IANS)

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PhonePe services hit as partner Yes Bank put under moratorium

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RBI Announces Additional Measures To Ensure Orderly Market Conditions https://odishatv.in/business_economy/rbi-announces-additional-measures-to-ensure-orderly-market-conditions-473350 Mon, 31 Aug 2020 16:14:42 +0000 https://odishatv.in/?p=473350

Mumbai: The Reserve Bank of India (RBI) on Monday announced additional steps to ensure orderly market conditions and congenial financial conditions, including conducting a special open market operation and a repo term operation. In a statement, the RBI said that recently, market sentiments had been impacted by concerns relating to the inflation outlook and the […]

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Mumbai: The Reserve Bank of India (RBI) on Monday announced additional steps to ensure orderly market conditions and congenial financial conditions, including conducting a special open market operation and a repo term operation.

In a statement, the RBI said that recently, market sentiments had been impacted by concerns relating to the inflation outlook and the fiscal situation, amidst global developments that have firmed up yields abroad.

“The Reserve Bank will conduct additional special open market operation involving the simultaneous purchase and sale of Government securities for an aggregate amount of Rs 20,000 crore in two tranches of Rs 10,000 crore each,” it said.

The auctions would be conducted on September 10 and September 17, it said, adding that the RBI remains committed to conduct further such operations as warranted by market conditions.

Also Read: Evolving Taxation: RBI Weighted GST Rate Declines To 11.6% Since Inception

Further, the central bank will conduct term repo operations for an aggregate amount of Rs 1 lakh crore at floating rates — the prevailing repo rate — in the middle of September to assuage pressures on the market on account of advance tax outflows.

In order to reduce the cost of funds, banks that had availed of funds under long-term repo operations (LTROs) may exercise an option of reversing these transactions before maturity.

Thus, the banks may reduce their interest liability by returning funds taken at the repo rate prevailing at that time (5.15 per cent) and availing funds at the current repo rate of 4 per cent.

Currently, banks are required to maintain 18 per cent of their net demand and time liabilities (NDTL) in SLR securities. The extant limit for investments that can be held in HTM category is 25 per cent of the total investment.

Banks are allowed to exceed this limit, provided the excess is invested in SLR securities within an overall limit of 19.5 per cent of NDTL. SLR securities held in HTM category by major banks amount to around 17.3 per cent of NDTL at present.

However, there are inter-bank variations with some banks close to the 19.5 per cent NDTL limit.

“Accordingly, it has been decided to allow banks to hold fresh acquisitions of SLR securities acquired from September 1, 2020 under HTM up to an overall limit of 22 per cent of NDTL up to March 31, 2021 which shall be reviewed thereafter,” the RBI said.

Also Read: RBI To Transfer Rs 57,128 Crore To Central Govt Surplus For FY20

Further, the central bank said that it stands ready to conduct market operations as required through a variety of instruments so as to ensure orderly market functioning.

“The RBI remains committed to use all instruments at its command to revive the economy by maintaining congenial financial conditions, mitigate the impact of Covid-19 and restore the economy to a path of sustainable growth while preserving macroeconomic and financial stability,” it said.

(IANS)

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NSO Releases Estimates Of GDP For First Quarter Of 2020-21 https://odishatv.in/business_economy/nso-releases-estimates-of-gdp-for-first-quarter-of-2020-21-473290 Mon, 31 Aug 2020 12:45:36 +0000 https://odishatv.in/?p=473290

New Delhi: The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product (GDP) for the first quarter (April-June) Q1 of 2020-21, both at Constant (2011-12) and Current Prices, along with the corresponding quarterly estimates of expenditure components of the GDP. GDP at Constant (2011-12) Prices in […]

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New Delhi: The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product (GDP) for the first quarter (April-June) Q1 of 2020-21, both at Constant (2011-12) and Current Prices, along with the corresponding quarterly estimates of expenditure components of the GDP.

GDP at Constant (2011-12) Prices in Q1 of 2020-21 is estimated at ` 26.90 lakh crore, as against ` 35.35 lakh crore in Q1 of 2019-20, showing a contraction of 23.9 percent as compared to 5.2 percent growth in Q1 2019-20. Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2020-21 is estimated at `25.53 lakh crore, as against ` 33.08 lakh crore in Q1 of 2019-20, showing a contraction of 22.8 percent.

GDP at Current Prices in the year Q1 2020-21 is estimated at ₹ 38.08 lakh crore, as against ₹ 49.18 lakh crore in Q1 2019-20, showing a contraction of 22.6 percent as compared to 8.1 percent growth in Q1 2019-20. GVA at Basic Price at Current Prices in Q1 2020-21, is estimated at `35.66 lakh crore, as against `44.89 lakh crore in Q1 2019-20, showing a contraction of 20.6 percent.

Also Read: RBI Leaves Key Rates Unchanged, Real GDP To Remain Negative

Estimates of GDP along with GVA at Basic Price by kind of economic activity, Expenditures on GDP at Constant (2011-12) and Current Prices, as well as percentage change and rates of expenditure components of GDP for Q1 2018-19 to 2020-21, are given in Statements 1 to 4.

The first quarter estimates are based on agricultural production during Rabi season of 2019-20 (which ended in June 2020) obtained from the Department of Agriculture, Cooperation & Farmers’ Welfare; estimates of production, mainly in the form of production targets for Milk, Egg, Meat and Wool for Livestock Sector from the Department of Animal Husbandry & Dairying and Fish production data from the Department of Fisheries.

Index of Industrial Production (IIP); monthly accounts of Union Government Expenditure maintained by Controller General of Accounts (CGA) and of State Government expenditure maintained by Comptroller and Auditor General of India (CAG) for the period April-June 2020-21 have been used. Performance of key sectors like Transport including Railways, Road, Air and Water Transport etc., Communication, Banking and Insurance during the period April-June 2020-21 has been taken into account while compiling the estimates. Performance of the corporate sector during April-June 2020-21 based on data received from BSE/NSE has been taken into account.

With a view to contain spread of the Covid-19 pandemic, restrictions were imposed on the economic activities not deemed essential, as also on the movement of people from 25 March, 2020. Though the restrictions have been gradually lifted, there has been an impact on the economic activities as well as on the data collection mechanisms. The timelines for filing statutory returns were also extended by most regulatory bodies. In these circumstances, the usual data sources were substituted by alternatives like GST, interactions with professional bodies etc. and which were clearly limited.

The data challenges in the case of other underlying macro-economic indicators like IIP and CPI, used in the estimation of National Accounts aggregates, will also have implications on these estimates.

Estimates are therefore likely to undergo revisions for the aforesaid causes in due course, as per the release calendar.

The next release of quarterly GDP estimates for the quarter July-September, 2020 (Q2 of 2020- 21) will be on 27.11.2020.

(PIB)

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Fresh China Border Tensions Rattle Investors, Markets Recoil, Sensex Plunges 839 Points https://odishatv.in/business_economy/fresh-china-border-tensions-rattle-investors-markets-recoil-sensex-plunges-839-points-473277 Mon, 31 Aug 2020 12:21:28 +0000 https://odishatv.in/?p=473277

Mumbai: Equity benchmarks’ six-session rally came to a juddering halt on Monday as a flare-up in India-China border tensions hammered investor sentiment. Profit-booking after the recent rally and a depreciating rupee further weighed on the bourses, traders said. The BSE Sensex, which made a strong start and touched the 40,000-mark in the morning session, surrendered […]

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Mumbai: Equity benchmarks’ six-session rally came to a juddering halt on Monday as a flare-up in India-China border tensions hammered investor sentiment.

Profit-booking after the recent rally and a depreciating rupee further weighed on the bourses, traders said.

The BSE Sensex, which made a strong start and touched the 40,000-mark in the morning session, surrendered all gains and plummeted over 1,600 points from the day’s high.

It finally ended at 38,628.29, down 839.02 points or 2.13 per cent.

On similar lines, the NSE Nifty tanked 260.10 points or 2.23 per cent to end at 11,387.50.

Also Read: Ladakh Fresh Intrusion: India Thwarts Transgression By China At Pangong lake

In a fresh incident in eastern Ladakh, the Chinese army carried out “provocative military movements” to “unilaterally” change the status quo on the southern bank of Pangong lake on the intervening night of August 29-30, but the attempt was thwarted by the Indian troops, the Army said on Monday.

It was the first major incident involving the two sides after the Galwan Valley clashes on June 15 in which 20 Indian Army personnel and an unspecified number of Chinese soldiers were killed.

Investors were also cautious ahead of the release of GDP data, traders said.

Sun Pharma was the top loser in the Sensex pack, plunging 7.34 per cent, followed by SBI, Bajaj Finserv, Bajaj Finance, NTPC, ICICI Bank, Kotak Bank, M&M and Maruti.

Reliance Industries closed 1.75 per cent lower following its deal to acquire Future Group’s retail, wholesale, logistics and warehousing businesses for Rs 24,713 crore.

Only ONGC and TCS ended in the green, rising up to 1.74 per cent.

Indian markets opened on a positive note, but the sentiment failed to sustain in the afternoon session following reports of the border tensions with China, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

“Also the Sebi’s new margining system starts from Tuesday which also likely impacted mid- and small-cap stocks where aggressive profit booking was seen,” he added.

All sectoral indices ended in the red with BSE realty, healthcare, basic materials, utilities, power, capital goods, industrials, metal and auto skidding up to 4.70 per cent.

Broader BSE mid-cap and small-cap indices plunged up to 4.37 per cent

Meanwhile, market sentiment also weakened after the release of core sector data.

The output of eight core infrastructure sectors contracted for the fifth consecutive month, dropping 9.6 per cent in July, mainly due to a decline in production of steel, refinery products and cement.

The production of eight core sectors had expanded by 2.6 per cent in July 2019, data released by the Commerce and Industry Ministry on Monday showed.

Also Read: Sensex Surges 364 Points, Financial Stocks Lead Rally

Asian equities were mixed, with bourses in Shanghai, Hong Kong and Seoul ending in the red, while Tokyo settled with gains.

Stock exchanges in Europe were trading on a positive note in early deals.

Global oil benchmark Brent crude was trading 1.48 per cent higher at USD 46.49 per barrel.

The rupee pared its early gains and settled 21 paise down at 73.60 against the US dollar.

(PTI)

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Adani Group Acquires 74% Stake In Mumbai Airport https://odishatv.in/business_economy/adani-group-acquires-74-stake-in-mumbai-airport-473192 Mon, 31 Aug 2020 06:08:47 +0000 https://odishatv.in/?p=473192

New Delhi:  Billionaire Gautam Adani’s Adani Group on Monday said it will acquire GVK’s stake in Mumbai airport, to become the country’s biggest private airport operator, with a cumulative shareholding to 74 per cent. According to a regulatory filing, Adani Airport Holdings Ltd (AAHL), the flagship holding company of Adani Group for its airport business, […]

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New Delhi:  Billionaire Gautam Adani’s Adani Group on Monday said it will acquire GVK’s stake in Mumbai airport, to become the country’s biggest private airport operator, with a cumulative shareholding to 74 per cent.

According to a regulatory filing, Adani Airport Holdings Ltd (AAHL), the flagship holding company of Adani Group for its airport business, “has entered into an agreement to acquire the debt of GVK Airport Developers Ltd (ADL) in Mumbai International Airport Ltd (MIAL), which will be converted into equity stake.

This conversion would lead to Adani Group getting all of 50.5 per cent stake of GVK Group.

The group will also acquire another 23.5 per cent of minority partners, Airports Company South Africa (ACSA), and Bidvest Group.

“The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition, to release the guarantee given by GVK Power and Infrastructure Ltd with respect to the debt acquired by it,” the company said in the filing.

Adani Group said it will also “take steps to complete the acquisition of a 23.5 per cent equity stake from ACSA and Bidvest in MIAL for which it has obtained Competition Commission of India (CCI) approval.”

“Upon the acquisition of the debt of GVK ADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL,” it said.

In a separate filing, GVK said it has “agreed to cooperate with Adani Airport Holdings Ltd (AAHL)” under which the Adani Group firm will acquire debt from various lenders including a Goldman Sachs led consortium and HDFC.

This debt will be converted to equity at mutually agreed terms, it said.

The two firms did not give details of the financial terms.

Adani said it will infuse funds into MIAL as well as help achieve financial closure of Navi Mumbai International Airport so as to commence its construction. MIAL holds 74 per cent interest in the airport.

GVK Reddy, founder and Chairman, GVK said, “The aviation industry has been severely impacted by COVID-19, setting it back by many years and has impacted the financials of Mumbai International Airport Ltd.

It was therefore important, that we bring in a financially strong investor in the shortest possible time to improve the financial position of MIAL, as well as to help achieve financial closure of the Navi Mumbai International Airport project, which is a project of national importance.”

“When the transaction is consummated, which is subject to customary approvals, we would be reducing a significant portion of liabilities to our lenders, which is of utmost importance to the group,” he said.

Adani Group had in March 2019 agreed to acquire 13.5 per cent stake of South African company, Bidvest for Rs 1,248 crore. However, GVK Group blocked the deal claiming the right of first refusal.

GVK, however, could not bring money to the table to buy Bid Services Division Mauritius’ (Bidvest) stake and the matter went to court.

With GVK Group’s finances under strain, it has now come around to the idea of selling the stake to Adani Group.

After seaports, Adani Group is betting big on the airports sector and has won the bids to run six Airport Authority-built non-metro airports in Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram, and Mangalore.

It has now entered the country’s second busiest airport.

ACSA owns 10 per cent in MIAL and the balance 26 per cent stake is held by the Airports Authority of India (AAI).

In October, debt-laden GVK Group entered into an agreement to sell 79 per cent of its stake in GVK Airport Holdings for Rs 7,614 crore to the Abu Dhabi Investment Authority (ADIA), Canada’s Public Sector Pension (PSP) Investments, and state-owned National Investment and Infrastructure Fund (NIIF).

Proceeds from this transaction were to be used by GVK to primarily retire the debt obligations of its holding companies.

GVK said has “notified ADIA, NIIF and PSP that the transaction documents stand terminated as it is no longer effective and implementable.”

“The reason for this decision was (a) the terms of the transaction envisaged in the transaction documents were not implementable and (b) the alternative proposals discussed would not provide a resolution to the lenders of ADL by the end of August, which was a requirement of our lenders,” it added.

The deal comes after the Central Bureau of Investigation (CBI) earlier this month charged the GVK Group with siphoning off funds totalling Rs 705 crore. It is charged with causing a loss of Rs 310 crore to the exchequer by entering into fake work contracts on the land given by the government to MIAL.

With the six non-metro airports and MIAL, Adani Group will become the largest operator of airports other than state-run AAI, which runs most of the airports.

Adani Enterprises in its annual report unveiled its ambition to be the largest private airport developer in the country by developing world-class infrastructure at airports, both at airside and landside, enhancing the passenger experience, creating entertainment destinations (airport village, hotels, and malls).

To achieve the aim, it also plans to increase domestic airline connectivity to new and under-served destinations, and also raise the number of flights to long-haul destinations in the west and also to south-east Asia.

(PTI)

Read More:

Reliance Retail Buys Future Group For Rs 24,713 Cr

Central Revenues Under More Strain Than GST Revenue: Centre To States

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Central Revenues Under More Strain Than GST Revenue: Centre To States https://odishatv.in/business_economy/central-revenues-under-more-strain-than-gst-revenue-centre-to-states-473084 Sun, 30 Aug 2020 15:37:32 +0000 https://odishatv.in/?p=473084

New Delhi: As several states continue to oppose the borrowing options proposed in lieu of the GST compensation, the Centre has told states that central revenues have been under greater strain compared to GST revenue. In a letter to the states, and Union Territories proposing the two options and explaining them in detail, the Finance […]

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New Delhi: As several states continue to oppose the borrowing options proposed in lieu of the GST compensation, the Centre has told states that central revenues have been under greater strain compared to GST revenue.

In a letter to the states, and Union Territories proposing the two options and explaining them in detail, the Finance Ministry also laid down the issues faced by the Centre in disbursing the compensation cess.

“The prevailing economic situation is such that Central revenues are under greater strain than GST revenue. While indirect taxes are linked to transactions, and recover in proportion to activity, direct taxes on profits are disproportionately reduced in the present situation,” it said in the 12-page letter.

Along with direct taxes on wages and salaries getting seriously affected, Customs revenues are also hit by the slowdown in imports, it said.

Related Story: Centre Brings Two Borrowing Options For States To Settle GST Compensation

Central expenditures are stretched not only by the pandemic response but also by the needs of national security, the Finance Ministry stressed.

“This is a national problem, not a Central Government problem alone,” it said.

On the question of borrowing by the Union Government, to pay the compensation cess, the ministry said that the Centre already faces a very large borrowing requirement this year.

Further, additional borrowing by the Centre influences the yields on Central government securities (G-secs) and has other macro-economic repercussions, it said.

“The yield on G-secs acts as a benchmark for state borrowing as well as private sector borrowing. Hence any rise in Central borrowing costs ipso facto drives up borrowing costs for all borrowers, including not only the states but also the entire private sector,” the letter said.

As per the design of the options given to the states by the Centre to meet GST compensation gap, if the states decide to meet the entire shortfall of Rs 2,35,000 crores (including the Covid-impact portion) through issue of market debt, then additional unconditional borrowing limit of 0.5 per cent and the final (bonus) tranche of 0.5 per cent provided under the Atmanirbhar Bharat package as a Covid relief measure will not be available separately.

Under option one, the Centre has offered a special borrowing window to states, in consultation with the RBI, for an amount of Rs 97,000 crore (the shortfall arising out of GST implementation) at a “reasonable” interest rate.

The Centre will endeavour to keep the borrowing cost at or close to the G-sec yield, and in the event of the cost being higher, will bear the margin between G-secs and the average of State Development Loan yields up to 0.5 per cent (50 basis points) through a subsidy.

The second option given by the Centre allows states to borrow the entire projected GST compensation shortfall of Rs 2,35,000 crore (total shortfall of Rs 3 lakh crore minus Rs 65,000 crore collected as GST compensation cess) for FY21. But this borrowing will be allowed by subsuming the additional unconditional borrowing limit of 0.5 per cent and the final (bonus) tranche of 0.5 per cent given to states as a special limit to fight the Covid pandemic.

Also Read: GST Council Meet: Centre Proposes 2 Options To States For Resolving Compensation Cess Issue

Though reform linked borrowing will be permitted under this option, it would not be carried forward to next year. The interest on borrowing taken by states under this option will have to be paid by them from their resources. The principal on the amount borrowed under the option, after the transition period, will be paid from the proceeds of the cess. The states will not be required to repay the principal from any other source.

(IANS)

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Reliance Retail Buys Future Group For Rs 24,713 Cr https://odishatv.in/business_economy/reliance-retail-buys-future-group-for-rs-24713-cr-472894 Sat, 29 Aug 2020 16:56:30 +0000 https://odishatv.in/?p=472894

New Delhi: Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited, on Saturday announced that it is acquiring the retail, wholesale, logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lump sum aggregate consideration of Rs 24,713 crore, subject to adjustments as set out in […]

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New Delhi: Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited, on Saturday announced that it is acquiring the retail, wholesale, logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lump sum aggregate consideration of Rs 24,713 crore, subject to adjustments as set out in the composite scheme of arrangement (Scheme).

The above acquisition is being done as part of the scheme in which the Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL).

As a part of the same scheme, the retail and wholesale undertaking is being transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of RRVL, the logistics and warehousing undertaking is being transferred to RRVL and RRFLL also proposes to invest Rs 1,200 crore in the preferential issue of equity shares of FEL to acquire 6.09 per cent of post-merger equity and Rs 400 crore in a preferential issue of equity warrants which, upon conversion and payment of balance 75 per cent of the issue price, will result in RRFLL acquiring further 7.05 per cent of FEL.

Isha Ambani, Director, Reliance Retail Ventures Limited, said, “With this transaction, we are pleased to provide a home to the renowned formats and brands of Future Group as well as preserve its business ecosystem, which have played an important role in the evolution of modern retail in India.

“We hope to continue the growth momentum of the retail industry with our unique model of active collaboration with small merchants and kiranas as well as large consumer brands. We are committed to continue providing value to our consumers across the country.”

The acquisition of the retail, wholesale and supply chain business of the Future Group complements and makes a strong strategic fit into Reliance’s retail business. This will help Reliance retail to accelerate providing support to millions of small merchants in increasing their competitiveness and enhance their income during these challenging times.

Future Group’s portfolio composition in apparel, general merchandise and own FMCG brands will allow for a wider offering to its customers.

This acquisition is subject to SEBI, CCI, NCLT, shareholders, creditors and other requisite approvals. Reliance Retail Ventures Limited (RRVL) is a subsidiary of Reliance Industries Limited, carrying on the Consumer Supply Chain Business and Consumer Retail Business through its subsidiaries.

RRVL reported a consolidated turnover of INR Rs 1.62 lakh crore and net profit of Rs 5,448 crore for the year ended March 31, 2020.

(IANS)

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IRCTC-SBI Contactless Credit Card on RuPay Platform Explained https://odishatv.in/business_economy/irctc-sbi-contactless-credit-card-on-rupay-platform-explained-472748 Sat, 29 Aug 2020 08:24:55 +0000 https://odishatv.in/?p=472748

Bhubaneswar: IRCTC and State Bank of India (SBI) recently launched contactless credit card on RuPay Platform. The IRCTC-SBI credit card comes with multiple benefits for all its customers and train travellers. Official sources said, the IRCTC-SBI card offers wide range of rewards for Indian Railway travelers as they can avail savings on their travel. It […]

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Bhubaneswar: IRCTC and State Bank of India (SBI) recently launched contactless credit card on RuPay Platform. The IRCTC-SBI credit card comes with multiple benefits for all its customers and train travellers.

Official sources said, the IRCTC-SBI card offers wide range of rewards for Indian Railway travelers as they can avail savings on their travel. It also provides additional benefits on retail, dining and entertainment, and transaction fee waiver.

Here’s quick look on what the customers can expect from IRCTC-SBI Contactless Credit Card:

-Earn 350 bonus reward points on activation and spend of Rs 500 or more

-10% value-back on train bookings made from the IRCTC website

-1% transaction fee waiver

– Access to premium lounges at railway stations

– 1% fuel surcharge waiver at any petrol pump

– 10 reward points per Rs 100 on train tickets

-1 reward point per Rs 125 on retail purchases

Contactless Advantage

– No need to hand over your card or look for cash /coins for everyday small ticket purchases

– During transaction, the card never leaves your hand, thereby significantly reducing the risk of card loss and fraud

(Edited By Bikram Keshari Jena)

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Contactless credit card, IRCTC, RuPay, State Bank of India 2020-08-29 13:54:55 https://img.odishatv.in/wp-content/uploads/2020/08/IRCTC-SBI-CARD.jpg