QBiz: Telcos Announce Free Service for Kerala Customers & More
Here are the top headlines from the world of business.
1. Jio, BSNL, Airtel Announce Free Services for Customers in Kerala
Telecom operators have announced free calls and data, extension in bill payment due dates and other relief measures for subscribers in flood-hit state of Kerala.
Reliance Jio has announced free services for seven days while BSNL is offering unlimited free calls within its network and data services along with 100 SMS per day for a week to customers.
Telecom major Bharti Airtel has offered Rs 30 talk-time credit and free 1GB data for pre-paid customers for seven days.
BSNL is offering 20 minutes free call everyday on other network for seven days in the areas that are effected by flood, company’s Chairman and Managing Director Anupam Shrivastava said.
For the next seven days BSNL will offer unlimited on-net calls and data to customers in flood hit area of Kerala.
(Source: Financial Express)
2. Income of Farm Households 23 Percent Higher Than Non-Farm Homes: NABARD Survey
The income of agricultural households, which account for nearly half the rural households in the country, surged to Rs 1,07,172 in 2015-16 at a annual compound growth rate (CAGR) of 12 percent since 2012-13.
According to a rural survey carried out by the National Bank for Agricultural & Rural Development (NABARD), while the average annual income levels of non-agricultural households in 2015-16 stood at Rs 87,228, all households (agricultural as well as non-agricultural) reported an average annual income of Rs 96,708.
This is 39 percent more than Rs 77,112 per annum reported during the National Sample Survey Organisation (NSSO) assessment in 2012-13, Nabard Chairman Harsh Kumar Bhanwala said on the occasion of Nabard All India Rural Financial Inclusion Survey 2016-17 on Thursday, 16 August.
(Source: The Hindu Business Line)
3. Patanjali’s Kimbho App Disappears from Google Play Store; Ramdev-led Firm Alleges Conspiracy
Patanjali Ayurved’s messaging app ‘Kimbho’ was pulled down from Google Play Store on 16 August, a day after its beta trial version was introduced on the platform. The Baba Ramdev-led firm alleged that it was a conspiracy by multinational companies against a Swadeshi firm and said the app will be back soon.
“#Patanjali #kimbho App has fallen victim of conspiracy of foreign companies #MNCs. We regret the inconveniences. It will be back soon,” said a tweet by Patanjali Ayurved Spokesperson S K Tijarawala. When contacted, Tijarawala said the trial version of the ‘Kimbho’ app was removed by Google without citing any reason.
E-mails sent to Google did not elicit a response. The Haridwar-based firm had put Kimbho’s trial version on Google Play Store for downloads on 15 August, almost two months after it was taken down hastily.
(Source: Financial Express)
4. India's Oil Import Bill to Jump by $26 Billion on Rupee Woes
India's crude oil import bill is likely to jump by about $26 billion in 2018-19 as rupee dropping to a record low has made buying of oil from overseas costlier, government officials said on 16 August.
Besides, the rupee hitting a record low of 70.32 to a US dollar in the opening deal on 16 August will also lead to a hike in the retail selling price of petrol, diesel and cooking gas (LPG).
"We at the beginning of the financial year estimated that crude oil import bill will be around USD 108 billion (Rs 7.02 lakh crore) at an average crude oil price of USD 65 per barrel and exchange rate of Rs 65 per dollar," an official said.
But if the rupee is to stay around 70 per dollar for the rest of the ongoing fiscal, the oil import bill will be USD 114 billion, he said.
(Source: The Economic Times)
5. GST Unit Cracks Down on 3 Private Banks, 1 Payment Bank for Rs 100 Crore Tax Evasion
Three Mumbai-based private banks and a payments bank are being probed for allegedly evading Rs 100 crore of Goods and Services Tax (GST) and flouting RBI guidelines on money transfer. The entities are suspected of evading GST by under-reporting the value of the funds transferred for customers.
A senior official at the Central Goods and Services Tax confirmed the development to Moneycontrol.
The Mumbai Central Commissionerate of the anti-evasion wing of Central Good and Services Tax and Central Excise is checking records of the banks to ascertain transactions lawful or wrongful.
“Some banks have been found to be deliberately misguiding the department by raising false invoices to the business correspondents, making it look as if the banks are offering services to customers. This is contrary to their agreement with the correspondents and the RBI guidelines,” a senior official of the department said.
(Source: MoneyControl)
6. JSW Steel Makes Rs 19,700 Crore Offer for Bhushan Power and Steel
JSW Steel Ltd has submitted a resolution plan of Rs 19,700 crore to the committee of creditors of debt-laden Bhushan Power and Steel Ltd (BPSL), a person in the know of the matter said.
Besides JSW Steel Ltd, Tata Steel Ltd and Liberty House have also submitted bids to acquire the special steel maker Bhushan Power and Steel Ltd, which is under the insolvency process.
The bids were submitted for the second time to the committee of creditors late night on 13 August.
Now the panel of creditors will inform the National Company Law Appellate Tribunal (NCLAT) on Friday, 17 August, about the bids received by the interested parties.
“JSW Steel has submitted Rs 19,700 crore (resolution) plan to the committee of creditors. The entire amount is upfront amount,” the person cited above said.
(Source: Livemint)
7. Tech Mahindra Signs 4-Year Deal with US Football Team
IT firm Tech Mahindra said it has signed a four year technology partnership deal with US based football team Jacksonville Jaguars, in a statement on 16 August.
The Indian company would provide modern tools like artificial intelligence and data analytics to enhance experience of the team's fans and front office efficiencies, Tech Mahindra said without disclosing the size of the deal.
"We have partnered with Jacksonville Jaguars to enhance pre-match, during the match and post match engagement of fans. We plan to create immersive fan experiences with digital technologies and can help make the team smarter with artificial intelligence and advanced analytics. It is an initial 4 year contract with them," Tech Mahindra chief marketing officer and chief strategy officer Jagdish Mitra said.
Tech Mahindra is also in discussion with six more football clubs for technology partnerships in other geographies, he said.
(Source: MoneyControl)
8. NBCC Gets Rs 250 Crore Order from SAIL to Build Super-Speciality Hospital at Kerala
State-owned NBCC (India) on Thursday, 16 August, said it has bagged Rs 250 crore order from SAIL for the construction of Ispat post-graduate medical institute and super-speciality hospital at Rourkela Steel Plant.
The proposed hospital will have 156 beds accommodating super-specialities like cardiology, cardiac surgery, neurology and nephrology, the statement said.
The new super-speciality block, 500-seater Auditorium and the medical institute will be spread across 3 lakh sq ft, it added. NBCC will plan and design the building as a 'Steel Intensive' structure and execute the works as project management consultant using green and energy-efficient technologies.
The company has three main business segments: Project Management Consultancy (PMC), real estate development and EPC contracting.
(Source: Financial Express)
9. Airbus Appoints Anand E Stanley as Head of India Business
European aviation major Airbus said, on 16 August, that it has appointed Anand E Stanley as its India unit head.
Stanley’s appointment will be effective from 1 October, the company said in a release. A global aerospace and defence industry veteran, he will succeed Pierre de Bausset, who is currently holding the position of president and managing director of Airbus India, it added.
“I am delighted to see Anand taking Airbus India’s leadership to drive the company on its next phase of growth,” said Patrick de Castelbajac, executive vice-president for strategy and international, Airbus.
Pierre and Anand will work through a transition before the new appointment takes effect, Airbus said, adding, “Stanley will pursue the consolidation of Airbus businesses in India with a view to further reinforcing the position of the group for long-term success and growth.”
(Source: Financial Express)
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