Business, Companies, 9th Aug 2018, News & Stories from India

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Business Companies 09 Aug 2018

Business, Companies, 09 Aug 2018

E-commerce major Flipkart plans to expand its online grocery service 'Supermart' to 5-6 major Indian cities by the end of the year as it takes head-on players like Alibaba-backed BigBasket and SoftBank-funded Grofers as well as rival Amazon India.

Flipkart to expand e-grocery store in 5 to 6 Indian cities by year-end

It takes head-on players like Alibaba-backed BigBasket and SoftBank-funded Grofers as well as rival Amazon India.

09 Aug 2018 5:24 PM

Tyre maker MRF on Thursday posted over two-fold increase in its net profit to Rs 260.74 crore for the first quarter ended June 30.

MRF Q1 net profit jumps over two-fold to Rs 261 crore

The company had reported a net profit of Rs 106.53 crore for the same period previous fiscal.

09 Aug 2018 4:16 PM

Home appliances maker Whirlpool of India on Thursday reported a 23.41 per cent increase in net profit at Rs 163.79 crore for the quarter ended June 30, 2018.

Whirlpool Q1 net profit rises 23.41 per cent to Rs 163.79 crore

The company had posted a net profit of Rs 132.72 crore in the corresponding period last year.

09 Aug 2018 3:59 PM

The six-member team of Balance Technology has joined the SoftBank and Alibaba-backed company's product and design team.

Paytm acquires Bengaluru-based Balance Technology

Paytm declined to comment on the deal size, the transaction is expected to be about USD 2 million as per industry sources.

09 Aug 2018 3:07 PM

The National Green Tribunal (NGT) on Thursday granted Vedanta Ltd conditional access to its copper smelter in Tamil Nadu, more than two months after the southern state shut the plant down. (Photo: PTI)

NGT grants Vedanta conditional access to its copper smelter

The Tamil Nadu government ordered the permanent closure of the Thoothukudi plant and disconnected its power supply.

09 Aug 2018 2:40 PM

ONGC had in January this year bought the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore.

HPCL digs in heels, says acting as per statute in not recognising ONGC as promoter

ONGC seeking recognition as the promoter of the company post-acquisition of majority stake in HPCL.

09 Aug 2018 1:16 PM

I-T department had written to Walmart, saying that the US company can seek guidance about the tax liability under Section 195 (2) of the I-T Act.

Walmart may approach I-T dept to determine tax liability in Flipkart deal

Walmart last month assured the I-T department that it will fulfil all tax obligations.

09 Aug 2018 1:08 PM

Under this customers will be able to pay through credit or debit cards, Bharat QR, Unified Payments Interface (UPI) and SBI Buddy (e-wallet) at a Point of Sale (PoS) terminal.

SBI launches unified payment terminal- MOPAD

MOPAD will help merchants to integrate different kinds of transactions through one PoS machine.

09 Aug 2018 11:27 AM

The home goods retailer has already spent close to $750 million procuring Indian sites for four stores.

Five challenges IKEA will face in India

Prising Indians away from local furniture makers that they trust is going to be difficult for IKEA.

09 Aug 2018 10:52 AM

Out of the total outlay of Rs 10,500 crore, the company has so far invested Rs 4,500 crore in its different projects in India. (Photo: AFP)

Swedish home furnishings major IKEA opens first India store

Company plans to hire 15,000 in the coming years as it expands operations in India.

09 Aug 2018 10:45 AM

Mazda shares were down as much as 1.8 per cent, their lowest in nearly four weeks, and Suzuki shares were down as much as 5.2 per cent.

Mazda, Suzuki, Yamaha Motor carried out improper testing

Mazda and Suzuki confirmed they submitted reports regarding improper testing to the ministry.

09 Aug 2018 10:24 AM

Airline drew a blank in the first round of bidding with no private party showing up on the last day of bid submission on May 31.

Plans afoot to sell 2 Air India subsidiaries

Airline’s ground-handling & engineering units may be put on block.

09 Aug 2018 8:57 AM

Walmart announced in May it was acquiring about 77 per cent of Flipkart for roughly $16 billion in the biggest deal for India’s e-commerce sector.

CCI clears Walmart's USD 16 billion acquisition of Flipkart

Walmart-Flipkart combination would create unfair competition and drive local convenience stores out of business.

09 Aug 2018 8:30 AM

Meanwhile, the Swedish firm, which has ambitions to launch 25 stores across 40 cities by 2025, may have revise its investment figures upwards as its ramps up its presence across the country. (Photo: AFP)

Ikea bets India to be one of top sourcing nations

Despite the long history, India, which supplies almost a fifth of Ikea’s global goods, lags behind China, Poland and Italy.

09 Aug 2018 6:35 AM

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Farrukh Dhondy