BUSINESS NEWS

Reliance to be biggest challenge to Flipkart, Amazon: Infosys Ex-CFO

Reliance Retail, which currently operates 3,634 stores across 703 cities in India, will be the biggest challenger to Flipkart, Amazon next year, says Mohandas Pai, Infosys' former Chief Financial Officer (CFO) on Monday. Reliance is spread all over the country and they can connect to retail stores and supply to them and improve their business dramatically, Pai reportedly added.

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Hundreds of employees fired from Tesla

According to media reports, the automobiles giant Tesla has fired hundreds of its employees after performance evaluations. This massive move has reportedly come after Tesla’s report of manufacturing only 260 units of Model 3- sedan out of 1,500 units. The company reportedly said that the decision has been taken after internal annual review among the employees.

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Mukesh Ambani discloses profits of Jio

The Reliance telecom owner Mukesh Ambani reportedly unveiled the net loss, gain and revenue made through Jio. The Jio network which offered free voice calls and data a year ago has made a profit of Rs.260 crores before paying interest and taxes. The company has reported that net loss caused by the company is Rs.271 crore and also Reliance Jio Infocomm has earned a revenue of Rs. 6,150 crores.

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Flipkart to buy a stake in BookMyShow

The e-commerce website Flipkart is reportedly looking for a partnership with BookMyShow by buying their stake. According to media reports, Flipkart is looking to start even Groceries by next year to reach their services to a higher number of Indians. Flipkart has bought or invested in over 20 companies till now and has acquaintances with Myntra and eBay.

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Reliance Jio effect: Vodafone rolls out massive offer

Telecom operator Vodafone has rolled out a new Rs 399 plan that will get 90GB 4G data for six months along with unlimited local and STD calls. The plan is available for prepaid users under its festive sale offers. The new plan is said to counter other operators such as Reliance Jio and Airtel. While Airtel offers 1GB data per day with unlimited local and STD calls for Rs 399 with a validity of 28 days, Jio’s Rs 399 plan gives its Prime members 84GB of 4G data for 84 days, ie, 1GB per day. Jio is also giving 100% cashback for Rs 399 plan, under its Jio Diwali Dhan Dhana Dhan offer between October 12 and 18.

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You will not believe how much profit this IT company has declared

While declaring their second quarter's profit, Tata Consultancy Services has reportedly gave a market-breaking report. For the quarter that ended in the month of September, TCS has reported a net profit of $ 1 Billion on revenue of $ 4.74 billion.

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After Amazon, Flipkart, now another e-tailer announces Diwali sale

After Flipkart's Big Diwali Sale and Amazon India's Great Indian Festival Sale, e-tailer Snapdeal has announced its festival season sale for Diwali. With this sale called the Unbox Diwali Sale from October 13 to October 16, Snapdeal will take on Flipkart and Amazon. While the e-commerce firm lists many offers on a range of products, it has also announced flat discounts and cashback on a variety of bank cards.

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Tata merges with Bharti Airtel

Exiting the highly competitive business sector, Tata has reportedly quit its mobile business and merged with Bharati Airtel. The loss-making telecoms - Tata Teleservices Ltd and Tata Teleservices Maharashtra Ltd, has reportedly been encumbered with a debt of over Rs 40,000 crore. However, before the merger deal, Tata telecoms will reportedly close all the debts.

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IT companies to layoff seniors and hire more juniors

According to media reports, Indian IT industry is planning to change the work protocol by laying off senior employees and hiring more junior and mid-level employees. Reportedly, senior-level employees, who have upgraded their skills will be sustaining their jobs, while the others will be laid off.

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IT firms are looking for these skills in graduates

Simplilearn, an online professional education portal has listed some of the top skills that IT firms in India are looking for in fresh graduates. According to Simplilearn, Mobile and Software Development jobs, which have a median salary of Rs 3 lakh per annum, require potential candidates to be proficient in Java, Dotnet, PHP, ASP, Android, NoSQL among others. For fresh graduates aspiring for jobs in IT services and IT Architecture, CCNA, CCNP, Networking, Technical Support and PHP are among the most important skills required.

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Out of Rs 900 crore loan, Vijay Mallya laundered Rs 500 crore in 7 countries

The affidavit filed by the crown prosecution service in UK court has reportedly claimed that Vijay Mallya laundered almost Rs 500 crore out of Rs 900 crore loan that he got from IDBI bank. The agency has also provided a trail which details the way the liquor baron diverted the loan money to seven countries.

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Airtel offers 3GB data per day with this new prepaid plan

Telecom operator Airtel has launched a new plan for Rs 799 that offers 3GB of 3G/4G data with a validity of 28 days. The plan, which will get 84GB of bundled data, is available only for prepaid users. Further, customers will have unlimited STD and local calls with restriction to 250 minutes per day and 1,000 minutes per week for both local and STD calls. Users who buy the plan via Airtel Payments Bank will receive cashback of Rs 75.

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Petrol, diesel price cut

The government on Tuesday has reportedly cut the prices of petrol and diesel by Rs 2 per liter after facing heat from the opposition party. The ministry of finance tweeted, “Govt of India has reduced Basic Excise Duty rate on Petrol & Diesel [both branded & unbranded] by Rs 2 per liter w.e.f. Oct 4,”. On the whole, petrol price was hiked by Rs 11.77 and diesel price was hiked by Rs 13.47 in the last 15 months, say media reports.

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Money laundering case: Vijay Mallya granted bail

After getting arrested in the in the ongoing money laundering case by the Enforcement Directorate, the liquor baron Vijay Mallya has been reportedly released in bail. The 61-year-old business tycoon fled India in March 2016, and is wanted in for his Kingfisher Airlines’ on loans worth nearly Rs 9,000 crore.

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RBI to print new Rs 100 notes

The RBI will reportedly start printing redesigned Rs 100 currency notes in April next year. The existing Rs 100 notes will be in use and be withdrawn gradually without any inconvenience. The old notes will remain valid even after the new ones come into circulation. Reports added that the dimensions of the new notes would not be altered, ensuring ATMs can be compatible from the beginning.

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Mc.Donald introduces new products in India

The fast-food chain Mc.Donalds has reportedly introduced 12 new products in their food and beverages across south and west India. According to media reports, the food chain runs in 261 outlets in 36 cities in the south and west India. Recently, 44 outlets were closed in the North.

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Amazon Business Market for SMEs launched in India

According to reports, e-commerce giant Amazon.com Inc. has launched Amazon Business Market, a new business-to-business retail service, on its India platform. The service aims at reaching a higher base of small and medium enterprises (SMEs). Amazon India on Wednesday reportedly said it would look to serve a wide variety of businesses and ventures through the new service.

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Infosys senior VP and head of tech Navin Budhiraja resigns

Infosys' senior vice-president and head of technology Navin Budhiraja reportedly resigned from the company over the weekend. He is the second key executive to quit Infosys after non-founder chief executive Vishal Sikka’s resignation about a month ago and the 12th former SAP executive to have left Infosys since March 2016.

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Rs 650 crore found under concealed income from Cafe Coffee Day income tax raid

The Income Tax raid on the owner of Cafe Coffee Day that started on September 21 went on until September 24, revealed a huge sum of Rs 650 crore under concealed income. The search operation was conducted in around 25 places in Chennai, Mumbai and Karnataka in Cafe Coffee Day and its group of companies. The officials have reportedly seized a number of documents related to their property and business transactions.

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Amazon unveils ‘Buy Now, Pay Next Year’ offer

E-commerce giant Amazon has rolled out a new offer named ‘Buy now, pay next year’, ahead of its Great Indian Festival sale. The offer lets customers buy products and pay for them in instalments after three months. Under the offer, available to HDFC Bank credit card holders, the customers can buy products in the upcoming Amazon sale, but will be required to pay the instalments starting January 2018 only.

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