Many large companies such as Hero MotoCorp, Subway, and Future Retail are offering lucrative discounts, as high as 30%, on their products and services to boost voter participation in the ongoing election. Hero Moto-Corp, the world’s largest two-wheeler manufacturer, is offering free two-wheeler wash and servicing of vehicles at Rs 199. Typically, the company charges Rs 500-600 for these services. Quick service restaurant (QSR) major Subway is offering an 18% discount on food items to voters.
Google and Apple have removed Chinese social media app TikTok from the Play Store and App Store following directions of the Ministry of Electronics and Information Technology to do so. The app was popular among young users for creation and sharing of short videos. The Madras High Court on April 3 had banned the app download following a petition filed by senior advocate S Muthukumar which said that children using the app were vulnerable to sexual exploitation.
Shares of SpiceJet today surged 15% to touch a fresh 52-week high of Rs 152. Meanwhile, Jet Airways shares fell as much as 34% after it shut down all flight operations indefinitely. SpiceJet today said it will induct six more Boeing 737-800 NG aircraft on dry lease. The total number of planes SpiceJet plans to induct in the immediate future now stands at 27. The airline has applied to the DGCA for a no-objection certificate (NOC) to import the planes.
Amazon.com Inc. plans to shut down its Chinese marketplace business in July to sgift its focus more on India. Amazon will keep running its other businesses in China, including Amazon Web Services, Kindle e-books, and cross-border operations that help ship goods from Chinese merchants to customers abroad. Amazon entered China in 2004, when it bought a local online book seller for $75 million. Amazon still has less than 1% market share in China.
The Unique Identification Authority of India (UIDAI) on Wednesday denied reports of Aadhaar data breach in the recent case where private firm IT Grids (India) was accused of obtaining details of 7.82 crore Aadhaar holders in Andhra Pradesh and Telangana. UIDAI said that it's the Central Identities Data Repository (CIDR) and servers are completely safe and fully secure. No illegal access was made to its CIDR and no data has been stolen from its servers. It said the SIT has not found any evidence to show that the Aadhaar details have been obtained by stealing them from UIDAI servers.
The issuances of government-fully serviced bonds (GoI-FSBs) rose to Rs 64,192 crore in the year-ended March 2019 as compared to Rs 15,095 crore during the last fiscal, says a report. The purpose of these borrowings has been to meet the expenditure towards various schemes of government by raising extra-budgetary resources (EBR) by various public sector entities (PSEs). GoI-FSBs accounted for significant share of the overall corporate bond issuances during FY19
According to Anand Mahindra, the chairman of business conglomerate Mahindra Group, Reliance Industries Chairman Mukesh Ambani is a visionary and even more ambitious than his father Dhirubhai. Ambani is among the Indians who have been named by TIME magazine in its prestigious list of the 100 most influential people in the world. Mahindra said the scale of Ambani's Reliance Jio mobile-data network, which has already connected over 280 million people in India with low-cost 4G, is "impressive by any standard".
The corporate affairs ministry has withdrawn its directions restricting Limited Liability Partnerships (LLPs) from engaging in manufacturing activities. Concerns were raised in various quarters about an office memorandum dated March 6 issued by the ministry earlier this month, wherein LLPs were restricted from manufacturing and allied activities. In the memorandum, the ministry had said that LLPs as body corporates have been set up for the purposes of carrying out business activities related to the service sector. Many entities had converted their manufacturing companies into LLPs.
A study by UK-based consumer group 'Which?' has showed that technology products, including smartwatches, cameras, headphones, of unknown brands on Amazon have received five-star ratings by unverified buyers. Amazon prides itself for its authentic user reviews for products. The study says that search results for electronic gadgets are dominated mostly by unknown brands, but receive hundreds of potentially fake five-star reviews within hours of these products being listed onto Amazon. Headphones have the highest number of false reviews.
The country's second largest private lender, ICICI Bank is optimistic about achieving steady growth in the auto loans segment despite a slowdown in vehicle sales volumes. As on December 31, 2018, the bank had an outstanding auto loan book of Rs 53,000 crore. As per the latest data released by the RBI, vehicle loans grew 7.8% year-on-year in February 2019.
ICICI Bank on April 17 launched its Insta car and two-wheeler loans that will provide its existing customers final sanction letters instantly. The first service, ‘Insta Auto Loan’ will offer its over 2 million pre-approved customers instant digital loan facilities of up to Rs 20 lakh for a tenure of up to seven years. The second initiative, ‘Insta Two-Wheeler Loan’, offers over 12 million pre-approved customers the facility to get instant loan sanction of up to Rs 2 lakh for a tenure of up to three years. Both the plans will offer 100% of the on-road price of vehicle.
Cab aggregators Uber and Ola have decided not to proceed with plans to expand parking spots and kiosks at railway stations. The two companies have halted any further acquisition of additional parking rights since the return on investment has not been rewarding. Unlike airports, railway stations are located at the centre of the city and only limited parking spaces are available in its premises, a source said. The two companies currently have parking spaces at railway stations in Mumbai, New Delhi and Bengaluru.
Market research firm Nielsen India expects FMCG sector in India to grow in the range of 11-12% in 2019 as against the growth rate of 13.8% in 2018. Further, the volume growth is expected to grow around 8.5-9.5%, lower than the 11% growth rate in 2018. Rural consumption will be one of the key drivers of FMCG growth story.
Ace investor Rakesh Jhunjhunwala departed from his earlier views and said on April 16 that the ruling BJP would not get a clear majority in the ongoing Lok Sabha elections, but it would be a major partner in the next government. Jhunjhunwala in February had said that Narendra Modi would be triumphant in the polls.
A survey has revealed that consumers in southern India tend to buy small pack sizes, are more experimental, and on average, spend more on groceries compared to the rest of India. According to a study by research firm Kantar Worldpanel, India's five southern states are more urbanised, economically progressive, better developed and lead the country socially. The southern states have a per capita net state domestic product (NSDP) of over Rs 130,000, as against a national average of Rs 85,229.