Budget 2018-19

  The Company has no outstanding loans from banks and approximately 95 per cent of its debt is in the form of debentures, it said Shares of  Reliance Capital  were locked at the 5 per cent lower circuit, at Rs 18.10 apiece, on the BSE on Tuesday after the Reserve Bank of India (RBI) on Monday superseded the board of industrialist Anil Ambani-promoted Reliance Capital, a non-banking financial company (NBFC), owing to defaults and governance issues. “In view of the defaults by RCL (Reliance Capital Ltd) in meeting the various payment obligations to its creditors and serious governance concerns which the board has not been able to address effectively”, the central bank superseded the board. The RBI has appointed Nageswar Rao Y, former executive director of Bank of Maharashtra, administrator of Reliance Capital. its part, the company has informed the exchanges that it will “co-operate fully” with the Administrator appointed by the RBI… Read More

  Microsoft in August 2020 began talks on the proposed acquisition but the deal collapsed by September. Microsoft Corp’s near-acquisition of social media app  TikTok  last year was the “strangest thing I’ve ever worked on,” Chief Executive Officer Satya Nadella said on Monday. TikTok had been ordered by then-U.S. President Donald Trump to separate its U.S. version from Chinese parent ByteDance because of national security concerns about the collection of U.S. users’ data. Microsoft in August 2020 began talks on the proposed acquisition but the deal collapsed by September. Trump’s divestment push ended by the time he left office in January and no potential suitor ending up acquiring TikTok. Speaking at the Code Conference in Beverly Hills, California, Nadella said he was looking forward to bringing  Microsoft ‘s security, child safety and cloud expertise to TikTok. “It’s unbelievable,” Nadella said of the experience during an on-stage interview. “I learned so many thi...

  Includes credit guarantee schemes, steps to revive tourism, strengthen health infra Union Finance Minister Nirmala Sitharaman on Monday announced the much-awaited fiscal package to revive the economy ravaged by the second pandemic wave, keeping the fiscal outgo limited for the current year. The Rs 6.28-trillion package included a new credit guarantee scheme for health, tourism and micro borrowers, besides expanding the Emergency Credit Line Guarantee Scheme (ECLGS) by half to Rs 4.5 trillion and extending the  Aatmanirbhar Bharat Rozgar Yojana . “Measures announced by the FM will enhance public health facilities, especially in under-served areas, boost private investment in medical infrastructure and augment critical human resources. Special focus is on strengthening healthcare facilities for our children,” Prime Minister  Narendra Modi  tweeted. The new announcements include extending credit guarantees of Rs 2.6 trillion and schemes worth Rs 2.4 trillion, spread o...

  The company has been listed among the top 25 Best Big Companies to work for in the United Kingdom and among the Best Companies in the consultancy sector Tata Consultancy Services  said on Friday it has been listed among top 25 Best Big Companies to work for in the United Kingdom and among the Best Companies in the Consultancy sector. The Best Big Companies list honours 25 organisations with at least 2,000 employees based on an anonymous survey that assesses employee experience across engagement, culture, work environment, leadership, well being, diversity and giving back to the community. TCS was recognised for prioritising the health and wellness of its employees with initiatives like virtual access to a GP, HR outreach sessions and mental health awareness programmes, and commitment to reskill employees while on remote work. “TCS is today one of the top IT service providers in the UK, and the preferred growth and transformation partner of leading British corporations becaus...

  The Serum Institute of India said on Wednesday it would sell the AstraZeneca vaccine to the country’s state governments at 400 rupees per dose and to private hospitals at Rs 600 rupees NEW DELHI (Reuters) – The Serum Institute of India said on Wednesday it would sell the AstraZeneca vaccine to the country’s state governments at 400 rupees ($5.30) per dose and to private hospitals at 600 rupees ($7.95). “Furthermore, owing to the complexity, and urgency of the situation it is challenging to supply it independently to each corporate entity,” it said in a statement. “We would urge all corporate and private individuals to access the vaccines through the state facilitated machinery and private health systems.” ($1 = 75.4620 Indian rupees) (Reporting by Krishna N. Das and Euan Rocha, editing by Louise Heavens)

  A total of 46 per cent of respondents said they are planning to move to a new location this year A Microsoft Corp survey of global workers found the majority feel they are struggling or just surviving in pandemic work conditions and a large percentage are considering leaving their employer this year. Meanwhile most business leaders polled said they are “thriving.” A total of 46 per cent of respondents said they are planning to move to a new location this year, a reflection of the greater flexibility to work from home. And 41 per cent of those surveyed said they’re mulling leaving their jobs, according to Microsoft’s Work Trend Index released Monday, which polled 30,000 people from a variety of companies in 31 countries and used trillions of data points around labour and productivity from  Microsoft ‘s 365 software and LinkedIn network. The data found burnout is widespread — 54 per cent of workers said they are overworked, 39 per cent said exhausted. But the struggles of empl...

  Companies plan to hire more, expect staff to return to offices in new year With a tumultuous year behind them, chief executive officers (CEOs) in India are eyeing the 2021 Budget to help kick-start the next wave of the investment cycle, which was hit by the pandemic. Backed by several steps taken by the government and the Reserve Bank of India (RBI) including the debt moratorium scheme, the CEOs are expecting the economy to show growth next fiscal year if India succeeds in its vaccination drive. A survey of 33 CEOs across India in December shows that almost 73 per cent of the respondents plan to invest more in the new year even because they expect their employees to return to work as the country rolls out vaccination in January. The Budget will be the key as CEOs are expecting the government to dole out more incentives. “The government was prompt in listening to industry after the outbreak of the pandemic, and its multi-billion-dollar economic package will be helpful in long-term...

  In a seperate filing, TCS also informed that it will also consider share buyback proposal during its board meet to accept second-quarter results on Wednesday Tata Consultancy Services will be making a precautionary provision of Rs 1,218 crore in a trade secret theft lawsuit involving medical software company Epic Systems. India’s largest software company will make a provision of Rs 1,218 crore as an exceptional item in the upcoming results to be announced on October 7 as a provision in the books for a legal claim in the Epic Systems matter. In August, an appeals court in the US upheld that the punitive damages of $280 million against TCS in the lawsuit were ‘excessive’. The court halved the damages to $140 million. “TCS is legally advised that it has the correct and the strongest possible arguments in its favour and the order and reduced damages are not supported by facts presented during the trial”, according to its exchange filing. In September 2020, TCS filed a petition seekin...

According to media report, evidence suggests market demand for H-1B visas is ebbing Indian IT companies have dramatically reduced their H-1B visa filings and foreign nationals are exhibiting reluctance to make the jump to a US company due to the Trump administration's hardline anti-immigration stance, a top Silicon Valley newspaper has said. San Francisco Chronicle's editorial board has said applicants for the H-1B visa programme are anticipating the hardest process in many years. "That's affected both the applicants and the companies that employ them," it said. "Indian consulting firms, which have been accused of flooding the system with applications, have dramatically reduced their filings. Foreign nationals are exhibiting new reluctance to make the jump to a US company," the paper said as the process for filing H-1B visa application for the 2019 fiscal beginning October 1, kicked off. The H1B visa is a non-immigrant visa that all...

United Kingdom-based Vodafone Group and Aditya Birla Group have appointed Balesh Sharma as the chief executive officer (CEO) of the merged entity to be created as the local units of the two telecom majors come together for the India market. The appointment of Sharma has not come as a surprise to Vodafone employees, who have seen him taking control of the day-to-day functions of the company over the past year as its chief operating officer (COO). According to several employees of the company, over the past year or so, Sharma was the man responsible for running the company, with Vodafone India CEO Sunil Sood taking a backseat for routine activities. When everybody was guessing about the CEO of the new entity, there were a few people in Vodafone who were sure about Sharma taking the reins of the new company. Sharma, having worked in different positions for over 25 years, has been a Vodafone veteran.He was specially called to India in April 2017 as COO from the Czech Republic. Th...

The top court will hear pleas from the consortium of banks and RCom against stay of assets sale by HC on April 5   The Supreme Court on Thursday ordered that status quo be maintained on Reliance Communication's sale of assets to R-Jio on pleas by a consortium of banks. The apex court bench, comprising Justices A K Goel, R F Nariman and U U Lalit, refused to lift the stay ordered by Bombay High Court on R-Com asset sale. The top court will hear pleas from the consortium of banks and RCom against stay of assets sale by HC on April 5. The State Bank of India had yesterday moved the apex court challenging a tribunal's order, which was upheld by the Bombay High Court, allowing Ericsson to stake a claim on RCom Consolidated's assets. RCom owes Indian lenders Rs 420 billion. RCom Consolidated incorporates the Anil Ambani-led group's Reliance Communications, Reliance Infratel and Reliance Telecom. Apart from SBI, 24 other Indian lenders const...

Recently, Facebook come under scrutiny after reports emerged that the data analytics company Cambridge Analytica accessed the company's user data for over 50 million accounts without their permission The Mark Zuckerberg-led social media company Facebook in 2014 acquired instant messaging app WhatsApp, which had been co-founded in 2009 by former Yahoo employee Jan Koum and Brian Acton. While Koum continues to lead the messaging platform, Acton has since left the company and started his own venture, Signal. Now, Brian Acton, the estranged co-founder of WhatsApp, seems to have turned against Facebook. In a Tweet that might raise many questions, Acton wrote, “It is time”, with a hashtag, to "#deletefacebook".  The Mark Zuckerberg-led social media company Facebook in 2014 acquired instant messaging app WhatsApp, which had been co-founded in 2009 by former Yahoo employee Jan Koum and Brian Acton. While Koum continues to lead the messaging platform, Acton has...

IIFL's profit rose 32% to Rs 2.36 bn in Q3, fueled by growth in private-wealth unit, where assets under management surged to $20 bn Nirmal Jain has hit the jackpot serving the new rich in the world’s fastest-growing major economy. The Mumbai banker’s $20 billion private-wealth-management unit became India’s biggest by assets and helped make him a billionaire. The nation’s demographics are a driving force, as well as Prime Minister Narendra Modi’s efforts to withdraw India’s biggest bills from circulation, which has pushed savings into the financial system. India’s young and thriving workforce will support its growth for years to come, Jain, 51, said in a phone interview, pointing out that millennials account for about a third of the country’s population and most of the income. “Most of it is first-generation wealth, so your clients are pretty hands-on,” Jain said. “It’s not that they inherited wealth, so they have a lot of passion and attachment to wealth and its performa...

GoAir has decided to cancel138 flights between March 15 and March 22, according to the airline The grounding of planes due to engine malfunction have led IndiGo and GoAir to cancel around 620 flights this month. IndiGo has decided to cancel around 480; the rest are of Go Air. The airlines will give passengers an option to choose an alternate flight or get a full refund. IndiGo and GoAir cancelled around 70 and 55 flights on Wednesday and Thursday. The passengers  who were affected were accommodated in another airline. "We have around 16 departure daily on Delhi-Mumbai route. If two flights are cancelled, we have a network to accommodate the passengers on other flights,” said a senior IndiGo official. The Directorate General of Civil Aviation (DGCA) on Monday grounded 11 Airbus A320 neo aircraft due to recurring malfunctions in their engines. Of the 11 aircraft, eight belong to IndiGo and three to GoAir. The malfunction has occurred with sub-population of ...

Under the sale, the e-commerce portal is offering iPhones, iPads and Apple smartwatches at discounted prices, along with a cashback of up to Rs 10,000 on payments via ICICI credit cards Home-grown e-commerce giant Flipkart is currently running a promotional offer on Apple products. Dubbed 'Apple days', the sale started on February 12 and will go on until February 15. Under the sale, the e-commerce portal is offering iPhones, iPads and Apple smartwatches at discounted prices, along with a cashback of up to Rs 10,000 on payments made through ICICI credit cards. The sale came after Apple increased the price of its iPhones and smartwatches after the Budget 2018 announcement of a hike in import duty on smartphones. Here is what Flipkart is offering under the Apple days sale: iPhone X The anniversary-edition iPhone X was launched in 64GB and 256GB storage variants at Rs 89,000 and Rs 1,02,000, respectively. Under the sale, the e-commerce portal is offe...