New Delhi Indian Railways has blamed the maintenance backlog and simultaneous infrastructure creation for “punctuality issues.” It further said the maintenance of its network would remain its top priority so as to ensure zero mishaps. “Maintenance is our top priority today and there is a maintenance backlog in the network. While we are focusing on […]
Business
Flipkart-Walmart: a landmark moment for Indian entrepreneurship
Every business conversation today to the books of decades later, Walmart`s acquisition of Flipkart for $20 billion will find a special mention. For one, large-scale VC-backed M&As of this magnitude are a rarity (The image below helps bring perspective). It puts India’s Flipkart right next to tech behemoth WhatsApp, which was acquired by Facebook for […]
Google appoints new business head for Google Cloud in India
NEW DELHI: Google on Tuesday appointed Nitin Bawankule as the country head for Google Cloud India, a cloud platform services to businesses in India. Bawankule has been with Google India for over six years and will report to Rick Harshman, Managing Director, Asia Pacific, Google Cloud.An IIM Bangalore and VNIT Nagpur alumnus, Bawankule has over […]
Will Walmart be liable to pay tax to Indian authorities after Flipkart buyout?
The largest-ever deal in India’s booming e-commerce space is in its final leg. Flipkart, country’s biggest e-talier, has bought back over 1.8 million shares worth more than $350 million from minority investors, clearing the decks before its sale to Walmart. The share buyback will help Flipkart convert itself into a private company under Singapore law, […]
In a $15 billion deal, Flipkart board clears 75% stake with Walmart: Report Says
New Delhi After months of negotiations, the US global retail giant Walmart Inc has been able to strike a deal with Flipkart, India’s most valuable startup. According to a Bloomberg report, Flipkart Online Services Pvt has approved 75 per cent stake sale to Walmart for $15 billion. Tech giant Google’s parent company Alphabet Inc would also tag along with […]
GST Council to meet on May 4, likely to clear imposition of sugar cess
New Delhi The Goods and Services Tax (GST) Council in its 27th meeting on May 4 is likely to clear the imposition of sugar cess, approximately between two to five percent, sources from Ministry of Finance told ANI. The council, chaired by Finance Minister Arun Jaitley is also expected to discuss increasing the government’s stake in the Goods and Services Tax Network (GSTN), […]
Indian-American owned IT company fined for H-1B visa violations
WASHINGTON: An Indian-American owned IT company in California was on Wednesday asked to pay $173,044 in wages to 12 of its foreign employees, most of them from India, who were paid salaries well below the levels required under the H-1B programme. Investigations carried out by the US Department of Labour’s Wage and Hour Division revealed […]
Cashback to businesses, price benefit to consumers for digital transactions on anvil
NEW DELHI: The government is working on a proposal to incentivise digital transactions by providing cashbacks to businesses and price benefits to consumers, a source said. As per the proposal being worked out by the Revenue Department, consumers paying through the digital mode would be offered a discount over the maximum retail price (MRP). The […]
Markets open in green, Nifty crosses 10,700
New Delhi: Stock markets opened in green on Monday with the NSE Nifty crossing 10,700 amidst healthy buying in banking, auto and FMCG stocks. The broader Nifty50 of the NSE was trading 27.15 points or 0.25 per cent higher at 10,719.45 points minutes into the trading while the BSE Sensex traded at 35,116.33 points — […]
Reliance Jio adds lustre to Reliance stock
Investors in Reliance IndustriesNSE 2.15 % (RIL), India’s biggest private company by profit, will likely watch one key metric while assessing Jio’s future valuations: Its return on capital employed (RoCE). The telecom arm of the company owned by India’s richest man, Mukesh Ambani, has been at the vanguard of a data revolution in the country, […]