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MSME loans make it easier for small business owners to finance business requirements. This will not only improve theproductivity of the business, but it also makes entrepreneurs concentrate on growing their business rather than facing insufficient liquidity. More than 50% of the country’s GDP (Gross Domestic Product) is contributed by the MSME and the SME sector. To raise these sectors and give importance, the government has initiated numerous schemes, offers and set up NBFCs. Offered under government schemes, the 59 minutes MSME loan is a business capital loan that a lot of MSME businesses can use for financial assistance. The interest rates on this loan will vary depending on the credit profile of the individual applying for it. Benefits Of Getting A Business Loan For MSME Accessible and Convenient: Some banks and financial institutions provide a customized repayment plan as per the business cash flows to avoid facing financial difficulties while servicing the loan. Monthly instalme

Shares of oil-to-telecom conglomerate – Reliance Industries – rose as much as 3.71 per cent to hit an intraday high of ₹ 1,970 after the fair trade regulator – Competition Commission of India (CCI) cleared Reliance Industries proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. The ₹ 24,713 crore deal that would boost Reliance Industries’ fast growing retail business was announced in August. In a tweet on Friday, the regulator said it has approved “acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited”. Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors. “The Transferor Companies consists of several listed and unlisted companies, primarily engaged in retail, wholesale, logistics and warehousing businesses. “These busin

Tata Steel has tested coking coal samples from Russia for making steel through the blast furnace route, Managing Director and Chief Executive Officer T V Narendran said. The development assumes significance in the domestic steel industry as a fruitful result of the experiment would break the monopoly of Australia in coking coal supply to India. According to official data, the country imports about 56 million tonnes (MT) of coking coal worth around ₹ 72,000 crore. Out of this, about 45 MT is imported from the continent nation alone. “We have imported some coking coal from Russia. The east coast of Russia is a good source,” Mr Narendran told PTI. The CEO said this while replying to a question related to the company’s contribution to the steel ministry’s ongoing efforts to reduce India’s dependence on select countries for sourcing of coking coal. Earlier, the ministry asked the steel makers to get coking coal from Russia and test the raw material at their plants and update on the result o

The country’s antitrust body on Friday cleared conglomerate Reliance Industries’ $3.4 billion deal to buy Future Group’s retail assets, thwarting Amazon.com’s efforts to block the deal. The Competition Commission of India (CCI) announced its decision in a tweet on Friday, with details likely to be made public later. Amazon had approached the CCI and the country’s market regulator SEBI alleging the deal would violate some pre-existing agreements it had with Future Group. Last month Amazon won an injunction from a Singapore arbitrator to halt the deal pending arbitration. Amazon, Future and Reliance did not immediately respond to a request for comment. While the deal is yet to receive approval of stock exchanges and market regulator SEBI, the three companies are now embroiled in a legal battle at the Delhi High Court over the transaction.

Reliance Industries Ltd on Thursday said its retail arm had completed its fundraising exercise as more than half a dozen investors poured ₹ 47,265 Crore ($6.37 billion) for 10.09 per cent stake in the company in two months. Reliance Retail Ventures Ltd (RRVL) began raising capital in September, with U.S.-based private equity firm Silver Lake Partners pumping ₹ 7,500 crore for 1.6 per cent of the venture. The eight other investors in RRVL include Saudi Arabia’s Public Investment Fund, private equity firm KKR & Co Inc, Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Investment Authority. The funds will help Reliance, India’s biggest retailer with roughly 12,000 stores, to aggressively expand its so-called new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel, and electronics in a space currently dominated by Walmart Inc’ s Flipkart and Amazon.com Inc’s Indian arm. “With our focus on New Commerce, we are committed to pl

Vodafone’s European towers unit, which is currently gearing up for a stock market listing, on Tuesday said it expects pro forma adjusted core earnings of up to 540 million euros ($640 million) in its 2021 financial year.The mobile operator on Tuesday will detail the prospects for Vantage Towers, which will IPO in Germany, Vodafone’s biggest market. Vantage will operate around 68,000 macro sites across nine European countries, with commitments to build 7,100 new sites by financial year 2027, Vodafone said. Vantage Towers CEO Vivek Badrinath said: “The growth potential in the towers sector is fuelled by the requirement for data as well as the roll-out of 5G technology and new and wider network coverage obligations across Europe. “These factors will increase the number of tenants renting space on our towers and we have also received firm commitments to build 7,100 new sites for our customers.

Sales up 12%, Profit After Tax (PAT) up 54% vs year ago for the quarter ended September 30, 2020 Mumbai, Maharashtra, India(NewsVoir) Gillette India Limited (GIL) announced today its financial results for the quarter ended September 30, 2020. For the quarter ended September 30, 2020, the company delivered sales of Rs. 516 Crores, up 12% vs year ago behind strong product innovations, trusted portfolio, market recovery and strong execution of brand and retail fundamentals. Profit After Tax (PAT) for the quarter was Rs. 95 Crores, up 54% vs year ago behind focus on productivity and a one-time help in the quarter. In management’s estimate, the Profit excluding the one-time items, for the quarter was up ~20%. Both grooming and oral care business grew ahead of the category. Madhusudan Gopalan, Managing Director, Gillette India Ltd. said, In a challenging market environment, we delivered strong top and bottom-line results. With the easing of the lockdown, we witnessed market recovery in the g

Amazon.com Inc has asked market regulator to investigate Future Retail Ltd for insider trading, a letter seen by Reuters showed, as it seeks to prevent its business partner from becoming part of rival Reliance’s empire. The US giant has been pressing the Securities and Exchange Board of India (SEBI) to review Reliance’s August deal to buy retail, logistics and other assets from Future Group for $3.4 billion including debt. Amazon argues it had a 2019 agreement with Future which prevented the Indian group’s retail assets from being sold to certain parties including Reliance Industries Ltd, which is led by Asia’s richest man, Mukesh Ambani. The November 8 letter to SEBI alleges Future Retail disclosed to Reliance price sensitive details of an injunction granted by a Singapore arbitrator to block the deal. The spat is being closely watched as a key test of whether Indian firms, courts and regulators will respect arbitration decisions made in accordance with overseas arbitration rules, and

Paytm on Tuesday launched ‘Payout Links’ for businesses, enabling them to instantly process payouts to customers, employees, as well as vendors without collecting their bank details. According to a statement by Paytm, “the Payout Links offer seamless payment integration for businesses to send quick incentives and refunds to customers through an easy payout link. This will remove the need to store bank details and will benefit partnered SMEs in diverse sectors such as gaming, e-commerce, retail, export and manufacturing. It will allow easy transfer of salaries and making vendor payments, commissions. The Payout Link can be created and shared with employees, vendors, and customers in one go. The sender can create Paytm Payout Links and share it with the receiver. The receiver needs to open the link. A list of saved accounts is provided such as Paytm Wallet, Paytm UPI and connected bank accounts that can be chosen to receive money instantly.      Paytm Payout Links is a new initiative und

Sicora Technologies Private Limited forges an Equity and Strategic Partnership deal at a valuation of US $ 3.5 Million in its Angel / Seed Investment Round with Gaurav Mishra, Founder of Navayuvak Entrepreneurs Sicora Technologies Private Limited, promoted by 25 years old Yash Jain and incubated by T5 Networks LLP has now forged a key Strategic Partnership with Gaurav Mishra, Founder of Navayuvak Entrepreneurs and signed an Equity and Strategic Partnership deal at a valuation of US $ 3.5 Million in its Angel / Seed Investment Round. The Strategic Partnership will provide Sicora Technologies with the reach and capability to expand its footsteps in the National and Global markets. Sicora Technology is built on a mission to leverage the power of Nanotechnology to pro-actively combat harmful bacteria, viruses and germs and provide effective bio-security from their rapid multiplication, thereby helping save millions spent on treating infectious diseases and aims to align with Sustainable De

Shares of billionaire Mukesh Ambani-promoted company – Reliance Industries – rose as much as 3.87 per cent to hit an intraday high of ₹ 2,025 after its retail arm – Reliance Retail Ventures Ltd. (RRVL) – secured an investment of ₹ 9,555 crore from Saudi Arabia’s wealth fund. Reliance Industries on Thursday said that the Public Investment Fund (PIF) of Saudi Arabia will invest ₹ 9,555 crore for an equity stake of 2.04 per cent in RRVL valuing the company at ₹ 4.59 lakh crore. With PIF’s latest investment Reliance Retail Ventures has raised ₹ 47,265 crore from leading investors like Silver Lake, Abu Dhabi Investment Authority and KKR among others. PIF had earlier acquired 2.32 per cent stake in Jio Platforms, the digital services arm of Reliance Industries. PIF is one of the largest sovereign wealth funds in the world and works alongside global strategic partners and renowned investment managers. It acts as the Kingdom of Saudi Arabia’s primary investment arm aiming toward generating lon

Reliance Industries Ltd. on Thursday said that the Public Investment Fund (PIF) of Saudi Arabia will invest ₹ 9,555 crore for an equity stake of 2.04 per cent in Reliance Retail Ventures Limited (RRVL) valuing the company at ₹ 4.59 lakh crore. “This investment will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment,” the Mukesh Ambani-led company said in a statement. “The transaction is in line with PIF’s strategy as a leading global investor with a proven track record of investing in innovative and transformative companies globally and develop strong partnerships with leading groups in their respective markets,” Reliance Industries said. With PIF’s latest investment Reliance Retail Ventures has raised ₹ 47,265 crore from leading investors like Silver Lake, Abu Dhabi Investment Authority and KKR among others. PIF had earlier acquired 2.32 per cent stake in Jio Platforms, the digital services arm of Reliance Industries. PIF is one of the lar

Missouri’s highest court on Tuesday refused to consider Johnson & Johnson’s appeal of a $2.12 billion damages award to women who blamed their ovarian cancer on asbestos in its baby powder and other talc products. The Missouri Supreme Court let stand a June 23 decision by a state appeals court, which upheld a jury’s July 2018 finding of liability but reduced J&J’s payout from $4.69 billion after dismissing claims by some of the 22 plaintiffs. Johnson & Johnson said it plans to appeal to the US Supreme Court. It said the verdict was the product of a “fundamentally flawed trial, grounded in a faulty presentation of the facts,” and was “at odds with decades of independent scientific evaluations confirming Johnson’s Baby Powder is safe, does not contain asbestos and does not cause cancer.” The New Brunswick, New Jersey-based company also said it will set aside a $2.1 billion reserve for the verdict, to be reflected in its year-end financial results. Kevin Parker, a lawyer for th

Mukesh Ambani, Asia’s richest man, lost almost $7 billion from his net worth as Reliance Industries Ltd.’s shares tumbled the most in over seven months following a drop in quarterly profit. The stock of India’s most-valuable company closed 8.6% lower in Mumbai on Monday, slipping the most since March 23. It was the day’s worst performer on the benchmark S&P BSE Sensex, which rose 0.4 per cent. The slide also shaved down Mr Ambani’s wealth to about $71 billion, according to the Bloomberg Billionaires Index. The refining-to-retail conglomerate reported a 15 per cent decline in quarterly profit to ₹ 9,570 crore ($1.3 billion) late on Friday, as the coronavirus pandemic hit fuel demand. Revenue fell 24 per cent to ₹ 1.16 lakh crore. Reliance’s oil refining unit has suffered a plunge in demand for transportation fuels, with Covid-19 forcing people to stay home. The conglomerate is in the midst of a transformation led by Mr Ambani, 63, as he looks to turn the oil-and-petrochemicals giant

Shares of billionaire Mukesh Ambani-promoted company Reliance Industries fell as much as 5.79 per cent to ₹ 1,935.20 on the BSE after its net profit in September quarter declined 15 per cent to ₹ 9,567 crore. The oil-to-telecom conglomerate had posted a net profit of ₹ 11,262 crore in the corresponding period a year ago. Reliance Industries’ revenue from operations fell 24 per cent to ₹ 1,16,195 crore from ₹ 1,53,384 crore in the year-ago period, according to a regulatory filing. Reliance Industries’ group operations and revenue were impacted by the coronavirus pandemic during the quarter, the company said in a press release. Its earnings before interest, tax, depreciation and amortization (EBITDA) – or operating profit – increased 7.9 per cent to ₹ 23,299 crore in the three months to September 30, compared to the previous quarter. The company’s gross refining margin (GRM) – a key measure of profitability for an oil refining company – reduced to $5.7 per barrel in the second quarter of

Amazon.com Inc has complained to the Securities and Exchange Board of India (Sebi) that its local partner Future Retail misled shareholders by incorrectly saying it was complying with its contractual obligations to the US e-commerce giant, a letter seen by news agency Reuters shows. Amazon is locked in a bitter legal dispute with Future Group, which in August sold its retail assets to billionaire Mukesh Ambani-led Reliance Industries for $3.4 billion. The deal, Amazon alleges, breaches 2019 agreements by Future. The tussle has strained Amazon’s ties not just with Future Retail – one of India’s top retailers – but also with Mr Ambani, Asia’s richest man, and his Reliance group, which is fast expanding its e-commerce business and threatening companies like Amazon. Amazon last Sunday won an injunction to halt Future’s deal with Reliance Industries from a Singapore arbitrator both sides had agreed to use in case of disputes. The Indian retailer then said in a news release it had complied w

Amazon.com Inc on Thursday forecast a jump in holiday sales – and costs related to COVID-19 – as consumers continued to shop more online during the pandemic. A company executive added that heightened spending on delivery infrastructure would likely continue over years, and shares fell 2 per cent in after-hours trading. Since the start of the virus outbreak in the United States eight months ago, consumers have turned increasingly to Amazon for delivery of groceries, home goods and medical supplies. Brick-and-mortar shops closed their doors; Amazon by contrast moved to recruit over 400,000 workers and earned $6.3 billion in the just-ended quarter, its second consecutive record profit. That has kept the world’s largest online retailer at the center of workplace and political tumult. Democratic politicians this month accused Amazon of holding “monopoly power” over merchants on its platform, which the company disputes. Meanwhile, more than 19,000 of Amazon’s U.S. employees contracted COVID-

Industrial conglomerate Larsen & Toubro’s shares fell nearly 6 per cent on Thursday, a day after the company reported a quarterly loss from continuing operations on a standalone basis. In a regulatory filing after market hours on Wednesday, the infrastructure major said its net loss from continuing operations came in at Rs 1,767.10 crore in the July-September period, as against a net profit of ₹ 1,718.52 crore in the corresponding period a year ago. L&T shares slumped as much as 5.76 per cent to ₹ 927 apiece on the BSE on Thursday, having begun the day weaker at ₹ 953 on the bourse compared to their previous close of ₹ 983.65. However, L&T posted a net profit of Rs  6,716.51 crore from continuing and discontinued operations, as against ₹ 1,925.47 crore in the corresponding period a year ago.  Its revenue from operations stood at ₹ 15,791.68 crore in the second quarter of current financial year, from ₹ 18,748.21 crore in the year-ago period.  Weakness in the Larsen & Tou

Apple is reportedly fast-tracking the development of a search engine to take on Google Search. Although there has been speculation for some time now that the Cupertino company is building a Google Search alternative, the latest report is based on the enhanced search functionality offered on iOS 14 and iPadOS 14, which doesn’t require Google support to answer user queries. Apple had earlier this year also posted job openings for search engineers in an indication that it was moving forward with a native search engine. Additionally, the US antitrust lawsuit against Google threatens the payment Apple receives every year from Google for letting it be the default search engine on iPhones and iPads. According to a report by Financial Times, Apple’s move to bring standalone Web searching capabilities to iOS 14 and iPadOS 14 is a “growing evidence” that the Tim Cook-led team is all set to take on Google with its own search engine. The latest software updates allow users to start searching for W

Telecom major Bharti Airtel on Tuesday reported a revenue of ₹ 25,785 crore in the July-September period, its highest ever in a quarter, boosted by higher tariffs and a rise in data usage from a coronavirus-fuelled shift to remote working. The jump in revenue for Bharti Airtel comes at a time when the country’s telecom sector is grappling with low tariffs due to a price war that ensued after billionaire Mukesh Ambani’s Reliance Jio entered the space. In a regulatory filing after market hours, the private sector company said its net loss narrowed to ₹ 763.2 crore in the second quarter of current financial year, compared to ₹ 23,044.9 crore in the corresponding quarter a year ago. Its revenue jumped 22.02 per cent in the September quarter compared to the year-ago period.  Bharti Airtel said its ARPU or average revenue per user – a measure of profitability – improved to Rs 162 per month in the July-September period, from ₹ 157 in the previous quarter and ₹ 128 in the three-month period en